Velázquez on GOP Tax Plan’s Devastating Impact for New York Families
Washington, D.C. – Today, Rep. Nydia M. Velázquez (D-NY) highlighted a new report that details the hardship that will be imposed upon New York’s working families under the Republican tax plan. While 80 percent of the tax benefits in the GOP plan go to the wealthiest 1 percent alone, 2.1 million hard-working New York families would be forced to pay higher taxes.
“It is shameful that Republicans are selling this plan as beneficial for working Americans,” said Velázquez. “A simple look at the facts exposes their plan for what it really is—a devastating blow to everyday Americans at the expensive of yet another tax break for the super-rich. These Republican efforts are tax cuts, plain and simple. In contrast, meaningful tax reform would put working Americans ahead of Wall Street greed.”
For the 3.4 million New York households who deduct state and local taxes (SALT) at an average rate of $22,169, the Republican plan would get rid of this deduction in its entirety. The elimination of this deduction would dangerously lower home values and put additional pressure on municipal governments to pick up the tab in funding schools, roads and public spaces.
Additionally, the tax increase on middle-class families earning up to $86,100 comes out to $794, money that could otherwise be spent on electric bills, groceries, or childcare.
“We simply cannot afford a tax plan by which the rich get richer and the poor get poorer,” said Velázquez. “The Republican tax plan completely betrays our values of equality and opportunity by further stacking the deck against middle and low-income Americans. I call on Congress to immediately reject such a shameful bill.”