Velázquez Reacts to GOP’s “Billionaire First” Tax Plan
Washington, D.C. — Today, House Republicans released the “Tax Cuts and Jobs Act”, a massive tax break for the rich at the expense of hardworking, everyday Americans. In response, Rep. Nydia M. Velázquez (D-NY) released the following statement:
“This cynical effort fails American families and workers. Rather than expanding critical tax benefits for working families and parents, the bill maintains the status quo and even eliminates or greatly reduces highly used provisions, like the work opportunity tax credit, the medical expense deduction, the mortgage interest deduction, and the deduction for interest payments on education loans and tuition expenses.
“These tax cuts are a thinly veiled effort to satisfy Wall Street and the wealthiest Americans. In this devastating effort, Republicans are stealing from the future of America’s young people by making it harder to afford an education and buy a home. For New Yorkers, gutting the state and local tax deduction and eliminating private activity bonds will deliver a crushing blow to middle class families and will lower property values.
“This bill makes one thing very clear—Republicans are shamefully out to serve the interests of corporate America above those who need it most – the country’s hardworking families.”