Speaker Ryan's Republican House voted to raise your taxes Thursday afternoon.
Why? To pay for massive tax cuts for the wealthiest 1% and big corporations. 80% of Trump's tax cut will go to people with incomes over $1 million.
This bill ends deductions that middle-class Long Islanders rely on – deductions for student debt, medical expenses, state and local income tax (SALT), and more.
Peter King, who represents New York's 2nd congressional district, supports Trump and Republican leadership almost 90% of the time. His support is one of the reasons bills like this are even on the table. Even King admits, "These are self-inflicted wounds. This bill is a Republican bill." Just a few weeks ago, King said he was in "basic agreement" with the bill, "with one big caveat, and that's on the property tax and state income tax deduction." He added that there is "nothing wrong with lowering taxes for rich people."
This is the Reverse-Robin Hood Bill. It steals from the poor and middle class to give to the rich. New Yorkers already send more to the federal government than we get in return.
How do they plan to pay for the tax cuts on the wealthy? By increasing our federal deficit $1.5 trillion, and passing the financial burden onto our children. What happened to fiscal responsibility?
House Republicans will also cut spending on public education, health care, affordable housing for our workers, and even cancer research. Today we can deduct expenses incurred to mitigate, diagnose and treat a disease. No more under the GOP tax plan.
Why? To be able to slash the tax rate on pass-through businesses, of which Trump owns more than 500!
This bill will also end student loan interest deduction. As a working American with plenty of school loan debt, I count on that deduction every year. It's already difficult for most Americans to get a college degree. The cost of tuition across the country is skyrocketing. Students leave school tens of thousands of dollars in debt, and now we're cutting their deductions!
Why? To be able to repeal the estate tax so that when Trump passes along his billions to his children they won't have to pay taxes on their inheritance.
Peter King's only concern with the Republican Tax Bill is the loss of our SALT deductions. What about what this bill will do to students who are already struggling, to the education of our workforce, the loss of research and development this will cause? This bill will raise graduate students' taxable income by more than 100%! Graduate students are already barely able to survive on their incomes.
An analysis by the House Ways and Means Committee shows that this tax bill could increase the cost of attending college by more than $65 billion over the next decade. In order to compete in the global economy, we need to make it easier - not harder - for American students to get the education they need.
We need leaders who understand how difficult it is to juggle school loans, a mortgage, and high property taxes.
More than half of our Congressional representatives are millionaires, who don't represent middle class American families. As a member of and fighter for the middle class, I know we need tax reform that puts more money in the pockets of working Americans. We need to eliminate loopholes and inefficient corporate subsidies to reduce our deficit and be able to invest in infrastructure, education, and research and development – investments that actually spur growth and expand our economy.
We need representatives who will fight for working Americans.