House Republicans unveiled a tax cut plan on Thursday that would slash the corporate rate and lower the personal taxes of most Americans, but also limit a deduction for homeowners.
According to Associated Press reports, the proposal would add $1.5 trillion to the nation’s debt over the next decade as Republicans largely abandoned fiscal discipline in a plan that could secure a legislative achievement for Trump and score a political win ahead of next year’s midterm elections.
Following the release of the plan representatives and challengers weighed in on the proposal.
Rep. Elise Stefanik, R-Willsboro, released the following statement:
“I will continue to stand up for New York taxpayers as we work towards comprehensive tax reform. The Tax Cuts and Jobs Act released today by the House Ways and Means Committee is a starting point that needs to be improved to ensure that New Yorkers receive the tax relief they deserve. I will be working with my colleagues in the New York delegation to improve this plan to provide real tax relief for New Yorkers and to address the issue of state and local tax deductions. My goal for this process is to make certain that families and businesses in our district receive tax relief. I encourage all of our constituents to read this plan and contact my offices by phone or email to share their feedback.”
21st Congressional District Democratic candidate Tanya Boone, D-Granville, released the following prepared statement:
“Not surprisingly, politicians in Washington are missing the boat. The debate over tax policy is yet another example of how the rules over the economy are changing to favor the wealthy and corporations, not our hardworking families. This plan will cost us $1.5 trillion dollars, and raises taxes on Northern New York families when we’re already paying some of the highest local and state taxes in the nation. This will not create economic growth. To create growth, we need to invest in infrastructure, increase access to broadband services, and support small business.”
Donald Boyajian, D-Cambridge, released his reaction to the plan:
“It is time for Rep. Stefanik to stop sitting on the sidelines and stand up to Paul Ryan to prevent his dangerous tax plan from taking effect. This tax plan is a disaster, and with the elimination of state and local deductions it will harm middle-class families in the North Country disproportionately to pay for tax cuts for massive corporations that aren’t investing in our region.”
Emily Martz, D-Saranac Lake, wrote on her congressional Facebook page she would support any aspect of it that benefits working Americans.
“... The even larger tax cuts for corporations and the wealthiest Americans concern me for two reasons. For one, they will significantly decrease the nation’s tax revenue, greatly expanding the budget deficit.
“Secondly, given the GOP’s budget proposals and plans to repeal the ACA, Medicaid funding and earned benefits like Medicare and Social Security will likely be significantly cut. These are programs our rural healthcare system and working Americans rely upon for our well-being.”
“We can’t allow a few kernels of support for the middle-class to distract us from the bigger picture of budget deficits and cuts in programs that are investments in America’s future.”