Washington, DC – Today, Senator Sheldon Whitehouse (D-RI) released the following statement on Republicans’ new tax proposal:
“The Republican tax plan, unsurprisingly, is a hand-out for billionaires and big corporations financed with cuts to provisions that matter to the middle class, like deductions for student loan interest and medical bills. It would reward companies that send jobs overseas while repealing a deduction that helps domestic manufacturers. As Rhode Island’s housing market stabilizes, our realtors and homebuilders see this bill harming our economy. It would also hurt Rhode Island schools and communities by imposing a new tax on our universities. And it papers over the fiscal damage it would do with budgetary tricks and fantastical math.
“Pressure from Democrats and the public pushed out some awful ideas, like limiting retirement options for the middle class and dropping the top income tax rate for the wealthiest Americans. But this plan is still full of terrible giveaways to benefit the ultra-wealthy. A bipartisan tax plan could help Rhode Island families build financial security and draw jobs and prosperity back to our shores. Republicans should re-think this reckless, billionaire-friendly, partisan plan and work with us.”