Nolan Opposes Republican Plan That Gives $1.5 Trillion in Tax Breaks to Super-Rich and Big Corporations While Raising Taxes on Minnesotans and Millions of Middle-Class Families
U.S. Rep. Rick Nolan today released the following statement regarding the Republican tax plan, H.R.1, which gives enormous tax breaks to the super-rich and big corporations while raising taxes on middle-class Minnesota families.
“This Republican tax scam cuts taxes for the super-rich and big corporations while raising taxes on millions of middle-class families who need and deserve more money in their pockets,” Rep. Nolan said. “This tax scam will massively increase the deficit, forcing our children to pay the bill, and opening the door to cuts to programs like Social Security, Medicare, and Medicaid. I support real tax reform that benefits working families and small businesses, grows the economy, and creates good paying jobs.”
According to the Joint Committee on Taxation, a nonpartisan committee of the United States Congress, the Republican tax plan would raise taxes on 36 million Americans by 2027. The Congressional Budget Office reports that the proposal would also increase budget deficits by $1.7 trillion over 10 years, and that it will also cause U.S. debt to rise more than current projections.