DURBIN: REPUBLICAN TAX PLAN HELPS CORPORATIONS & WEALTHIEST INDIVIDUALS ON THE BACKS OF WORKING FAMILIES

November 28, 2017

Contact: Emily Hampsten 202-228-5643

DURBIN: REPUBLICAN TAX PLAN HELPS CORPORATIONS & WEALTHIEST INDIVIDUALS ON THE BACKS OF WORKING FAMILIES

WASHINGTON--U.S. Senate Democratic Whip Dick Durbin (D-IL) today blasted Senate Republicans for ramming through a partisan tax plan this week, which will raise taxes on millions of middle-income families in order to pay for tax cuts for the wealthiest individuals and corporations. In a speech on the Senate floor, Durbin explained how the Republican Tax Plan would also cause 13 million Americans to lose their health insurance - and increase individual market premiums by at least ten percent every single year - and would add up to $1.5 trillion to the national deficit in order to find even more money to fund tax cuts for corporations and the highest-earners in this country.

"This week, many things will happen in Washington, but the focus of the Senate chamber later on this week will be on the Republican tax plan. It is a plan which has come upon us very quickly, in a matter of weeks, and it literally will affect the economy of the United States and virtually every taxpayer," said Durbin. "It's no secret that this plan would bankroll massive tax cuts for the wealthiest people in America and the largest corporations, and it would raise taxes on middle-income families. If that seems like contrary thinking to what most Americans were looking for, it is.

Video of Durbin's remarks on the Senate floor are available at: https://www.youtube.com/watch'v=qga6x-410is&feature=youtu.be.

Audio of Durbin's remarks on the Senate floor is available at: https://www.durbin.senate.gov/newsroom/audio/listen/durbin-republican-tax-plan-helps-corporations-and-wealthiest-individuals-on-the-backs-of-working-families.

Footage of Durbin's remarks on the Senate floor is available at: https://lfts.senate.gov/seos/1000/mpd/ui14122017e190786ff8c62c58dd7167af3f06f54b for TV Stations.

Recently released analysis by the non-partisan Joint Committee on Taxation revealed that by 2027, taxpayers in every income bracket earning less than $75,000 per year will, on average, experience a tax increase under the Senate Republican plan.

Further, recent analysis by the non-partisan Congressional Budget Office shows that beginning in 2019, Americans making under $30,000 will, on average, see their taxes rise under the Senate Republican tax plan.