Republicans Show No Confidence in Their Absurd Tax Cut Claims, Vote Down Blumenauer ‘Circuit-Breaker’ Amendment
Washington, D.C. – During House Ways & Means Committee consideration of the Republican tax bill, Republicans today showed no confidence in their absurd claims that their proposed tax cuts would not add to the deficit and voted down Congressman Earl Blumenauer’s (OR-03) “circuit-breaker” amendment. The amendment failed 23-16.
By providing a massive tax cut to the nation’s wealthiest individuals and corporations, Republicans are projected to add an estimated $1.5 trillion or more to deficits that will pile onto the national debt. This massive burden will either be paid by our grandchildren, or by the beneficiaries of Medicare, Medicaid, and Social Security, or both. To hold Republicans accountable for their absurd claims that ‘tax cuts pay for themselves’ and lead to economic growth, Blumenauer’s amendment would have suspended these tax cuts if the deficit increases. Click here to read the amendment.
“Republicans proved today that they have zero confidence in their claims that ‘tax cuts pay for themselves,’” said Blumenauer. “History shows that massive tax cuts like they’re proposing will not lead to robust economic growth and a surge in revenue, but rather produce even larger deficits. Unicorns, fairy dust, or Jack’s magic beans won’t change that reality.”
Blumenauer called on his Republican colleagues to approve his amendment in an op-ed published in The Hill yesterday. Click here to read the op-ed.