Republican tax plan would also weaken tax credits for clean energy, leaving fossil fuel tax subsidies intact

Washington (November 2, 2017) – Senator Edward J. Markey (D-Mass.) released the following statement after House Republicans released their so-called tax reform plan today.
 
“We should not be surprised that House Republicans proposed a scheme full of massive giveaways for the top one percent and big corporations at the expense of millions of workers and families,” said Senator Markey. “Double-taxing millions of families by taking away the deduction that families get for the taxes they pay to their state and local governments is wrong and completely unfair. In Massachusetts, we already only get back 83 cents for every dollar we pay to the federal government. This tax plan will make it harder for hard-working families to buy a home, for charities to provide essential services, and for state and local governments to provide education for their residents. It also gives a gift to fossil fuel companies by weakening tax credits for wind energy projects that create jobs and help reduce the pollution causing climate change.
 
“As the ultimate signal of their fiscal irresponsibility, Republicans have outlined no realistic way to pay for these handouts to the rich, which means their knives will eventually come out for Medicare, Medicaid and Social Security to pay for these unnecessary giveaways. This is not a tax plan, it’s a tax scam.”
 

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