Blumenauer Statement on House Passage of GOP Tax Bill
Washington, D.C. – Congressman Earl Blumenauer (OR-03), a senior member of the House Ways & Means Committee, released the following statement:
“Today’s vote by House Republicans passing their tax bill is an early Christmas gift to Donald Trump. It’s perfectly designed for his benefit.
“It eliminates the alternative minimum tax, one of the few ways Trump pays any tax at all. It abolishes the inheritance tax, allowing him to pass on, tax free, hundreds of millions of dollars to his family. It expands access to the lower pass-through tax rates for many large and profitable businesses—and Trump has hundreds of pass-through entities listed on his financial disclosure forms.
“Trump claims to be the “King of Debt.” This monstrosity of a tax bill is fueled by increasing our national debt by an additional $2.3 trillion dollars. It cuts taxes for the wealthy, while burdening our children and grandchildren with long term debt that will strangle economic growth.
“Despite Republican promises to the contrary, this bill breaks the bipartisan commitment to the wind energy industry. Stock prices are already falling for renewable energy companies, while the bill jeopardizes billions of dollars of projects and puts tens of thousands of jobs at risk. This is the only retroactive provision in the bill, and it is designed precisely to break a bipartisan commitment that many of us worked on with the renewable energy industry.
“The cruelest element of the Republican legislation is what I call the Alzheimer’s tax. This bill repeals the medical expense deduction used by over nine million middle class Americans, who saved almost $90 billion dollars in 2015. It’s totally wiped out.
“This stunning action places huge additional burdens on many elderly and vulnerable middle-income families who are trying to plan ahead for the crushing financial burden of dealing with Alzheimer’s and other medical issues. We never had a hearing on anything like this, because Republicans knew it wouldn’t stand the light of day.
“This bill is shameful. It rewards the wrong people while it burdens our future. It sets the stage for massive cuts to Medicare and Social Security. I know it is possible to build a more equitable and efficient tax system. This legislation does not come close. For trillions of reasons, I opposed this legislation.