Congressman Tim Ryan Statement on President Trump and Congressional Republican Tax Plan

Sep 27, 2017 Issues: Economy

Washington, DC – Congressman Tim Ryan (D-OH) made the following statement today after President Trump and Congressional Republicans announced their tax plan:

“It should come as no surprise that President Trump and Republican leaders’ long-awaited tax plan falls far short of the meaningful reform hardworking Americans need and deserve. Instead of fixing our broken tax system, their idea of ‘reform’ relies on the same supply-side, trickle-down economics that has failed American families for decades. Despite years of lectures from Republicans about fiscal responsibility, the plan released today would cost the U.S. as much as $5 trillion over the next 10 years. Their plan is clear: slash rates for the wealthiest among us, who have already seen the vast majority of our economic recovery, and stick the middle class with the check.

“In the past, I have said that Republicans and Democrats have an opportunity to work together on tax reform. I even extended an olive branch, stating for the record that I support reducing the corporate tax rate as long as it is coupled with closing the special interest loopholes that allow one out of five Fortune 500 companies to pay nothing in taxes and increasing the tax on capital gains and dividends so that the real ‘owners’ of the business are held accountable. But after today’s announcement, it is clear that President Trump and Congressional Republicans have no interest in real, bipartisan reform that will help everyday Americans. Instead their tax plan demonstrates that they are only interested in creating a tax structure that benefits themselves and their wealthy donors. We won’t stand for that. These tax breaks for the 1% would blow a massive hole in our deficit and would mean drastic cuts to important programs that give a much needed hand-up to hardworking families who need a fair shot at the American Dream.  The American people deserve better. This is not a plan I will support.”