Thursday, November 16, 2017

CAPAC Chair Statement on Republican Tax Bill

CAPAC Chair Statement on Republican Tax Bill

Washington, DC – Today, the House of Representatives passed H.R. 1, a tax bill that slashes tax rates on corporations and eliminates deductions used by individuals, like the deduction for state and local taxes (SALT) and the deduction for interest on student loans. Rep. Judy Chu (CA-27), a member of the House Ways & Means Committee and Chair of the Congressional Asian Pacific American Caucus (CAPAC), released the following statement:

“Instead of the tax reform we were promised, this Republican tax bill is just a massive tax cut for corporate interests paid for by the middle class, those we were supposed to be helping. First, Republicans eliminate the State and Local Tax deduction, which is currently used by millions of households – including many Asian American and Pacific Islander families who live in states like California and New York – to prevent their hard earned dollars from being taxed twice. Next, the bill rips away critical benefits that help our students to pay for their college education by ending the student loan interest deduction and the Lifetime Learning Credit that helps students afford graduate school. It even pays for the corporate tax cuts by taxing graduate students on the tuition assistance they receive for working for their schools. This bill even pinches students when they’re still in elementary school by taxing their teachers who claim a deduction for the school supplies they pay for out of their own paychecks.

“These are just some of the ways middle class Americans are asked to pay for corporate tax cuts. All in the name of trickle down economics, a theory that has been repeatedly tried and shown not to work. This was a wasted opportunity to do the right thing for our economy. As a member of the Ways and Means Committee, I offered amendments to improve this bill for the middle class by reinstating the estate tax, expanding the Earned Income Tax Credit (EITC), and allowing teachers to deduct out-of-pocket expenses for school supplies. But all were met with unanimous Republican opposition. Instead of true tax reform that would help families achieve the American Dream, Republicans have chosen to hand a massive debt to our children, while stripping away deductions and tax help that many struggling families depend on.”

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