Sen. Hassan, Congresswoman Kuster, Mayor Donchess Highlight How Republican Tax Bill Leaves Middle Class Families Behind

WASHINGTON, Nov. 21 -- The office of Sen. Maggie Hassan, D-New Hampshire, issued the following news release:

"We need tax reform that helps middle class families and small businesses, but Senate Republicans are focused on an approach that favors corporate special interests and the wealthiest few," Senator Maggie Hassan said. "It was bad enough that the Republican tax plan would mean a tax increase for millions of middle class families and property taxpayers, but now Washington Republicans are also threatening to drive up the cost of health insurance at the same time. I have long said that any tax legislation must benefit hard-working families and small businesses and it must be fiscally responsible, and that is what I continue to be focused on."

"The Republican tax plan is a bad deal for Granite Staters and a bad deal for the American people," said Congresswoman Annie Kuster. "We need real tax reform that starts with the goal of cutting taxes for middle class families and small businesses. The tax plan being pushed by Congressional Republicans is a wolf in sheep's clothing that will hurt seniors, students, homeowners, and middle class families so that corporate special interests can get a massive giveaway. It's wrong, and I'll continue to fight it."

"The Republican plan would eliminate the federal historic tax credit - a key provision for stimulating economic growth in cities with historic buildings. As a city with a high density of historic buildings, this would seriously inhibit Nashua's economic growth," said Nashua Mayor Jim Donchess. "And the Senate Republican bill completely eliminates the federal deduction for property taxes that many homeowners in Nashua rely on, all in order to pay for tax cuts for big corporations. We need real tax reform that puts the middle class and hard-working Nashuan's first, not big corporations."

"In the near 20 years that I have been a financial aid professional, the middle class families that I meet with every day at Franklin Pierce University and across the state as a volunteer agree that there is a need for comprehensive tax reform, but any so-called reform that negatively impacts middle class families is not what they are looking for," said Ken Ferreira, Associate Vice President for Student Financial Services at Franklin Pierce University. "The Republican House plan eliminates the student loan interest deduction, which means that middle class families who are already struggling to afford higher education will be paying higher taxes, while large corporations and a small group of extremely wealthy individuals get a massive tax break."

"The Medical Expense Deduction helps ease the financial burden of those with large medical expenses. We know older adults have higher medical expenses than any other age group. By eliminating this deduction, the House bill discriminates against seniors at a time when they have fewer financial resources to draw upon, in essence imposing a health tax," said Lisa Henderson, Executive Director of LeadingAge Maine & New Hampshire. "LeadingAge Maine & New Hampshire also opposes provisions of the House bill eliminating private activity bonds. The loss of this tax exempt financing tool would devastate not-for-profit sponsors of both life plan communities and affordable senior housing. Without tax-exempt bonds, these providers would no longer be able to raise funds to develop or renovate these kinds of properties. Waiting lists will grow and job growth supporting this sector (construction and direct care workers) will be reduced. Seniors seeking secure places to call home will have fewer choices--and what choices remain will be more expensive."

"President Trump campaigned saying that he would look out for small businesses and working families like mine, but that's not what these proposals do," said Adria Bagshaw, Vice President of W.H. Bagshaw. "The Republican tax plan favors big corporations and the wealthiest few, not small businesses. Tax reform is important for small businesses like mine, but so are other things like workforce development, health care, and infrastructure, and it is unacceptable that this plan would lead to deep cuts for critical priorities and services that small businesses rely on."

This document was posted showing the date: Nov. 20, 2017.