Van Hollen Statement on Final Passage of GOP Tax Bill

“Tonight, Republicans doubled down on supporting powerful corporations and special interests at the expense of their constituents. The GOP tax bill will harm millions of middle-class families in Maryland and across the country. It contains huge, permanent giveaways for big banks and corporations, and asks our children, millions of working Americans and senior citizens, and future generations to pay the price. Come 2019, 11 million American families will see their tax bills go up, while foreign investors — who own 35 percent of U.S. corporate stock — get a $48 billion windfall. At the end of the day, American families who make less than $75,000 will be paying higher taxes, on average, in order to pay for this permanent tax cut for multinational corporations and their foreign shareholders. This legislation adds over $1 trillion to our national debt — and Republicans are already looking to slash programs like Medicare and Medicaid to pay for this corporate giveaway.

“The Republicans made clear through this process that they care little for transparency or bipartisanship. Instead of working together —  holding hearings, meeting with experts, and discussing this bill with constituents — Republicans have hastily pushed through a partisan plan that will damage our economy and our tax system for generations to come.

“The bottom line is clear: under this bill, millions of middle-class families are going to pay more, while big corporations, rich foreign stockholders, hedge funds, and the top one percent will get a huge windfall. A household that makes more than $1 million per year gets on average a tax cut of $70,000. Despite what Republicans have promised, this legislation will not spur economic growth — but it will cause our national debt to explode and leave working families without a bump in their paychecks.

“Americans deserve tax reform. They deserve better than this.”

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