WASHINGTON, DC - Ways and Means Committee Ranking Member Richard Neal (D-MA) today released the following statement after the Joint Committee on Taxation (JCT) released its “dynamic" analysis of Senate Republicans’ tax legislation:
“Democrats have been warning from the very beginning about the outdated theology that tax cuts for the well-off and well-connected would magically pay for themselves. Today, the JCT provided fresh evidence that even under the most generously optimistic economic conditions, tax cuts do not pay for themselves. The Republicans’ bill will add at least $1 trillion to the deficit at the expense of the next generation. Middle class families, seniors, and our children will ultimately finance these proposed cuts for corporations and those at the top. In addition to the startling analysis by the JCT, CEOs have been warning publicly that they plan to use corporate tax cuts to reward wealthy shareholders, not increase workers’ salaries. At best, the Republican tax plan will do nothing for working families. At worst, it will hike taxes, increase healthcare costs, and cut important services for families who are working hard and playing by the rules. Despite the late hour, there is still time for Republicans to correct course and work with Democrats on revenue neutral tax reform that actually puts money back into the pockets of middle class families without sticking the next generation with trillions in debt."
