Sen. Feinstein Issues Statement on Senate Republican Tax Reform
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"A bill that affects every single American was written in a backroom, rushed through without public hearings or expert analysis and passed without any Democratic input or support.
"In addition to subtly shifting the tax burden onto middle-class families,
Raises Taxes on the Middle Class
The bill shifts the tax burden onto the middle class. Households earning less than
Windfall for Corporations
The Republican tax bill permanently slashes the corporate tax rate from 35 percent to 20 percent, while the lower rates for individuals will expire in 2026. It also maintains deductions for corporations that were taken away from individuals, allowing companies to drive their effective tax rate down further.
State and Local Tax Deduction
The bill significantly weakens the deduction for state and local taxes paid by individuals. This provision in our tax code has prevented the double taxation of income since 1913. The bill eliminates the deduction for state and local income or sales taxes, and caps the deduction for property taxes at
Increases the Deficit
According to the
Medicare, Medicaid and
The increased deficit could automatically trigger across-the-board cuts to important social safety net programs, including
Attacks the Affordable Care Act
The bill repeals the individual mandate which would increase health care premiums by more than 10 percent in the individual market and would leave 13 million more Americans without health insurance.
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