Congressman John Garamendi’s Statement on Passage of Republican Tax Scam Bill
WASHINGTON, DC – Today, Congressman John Garamendi (D-Fairfield, Davis, Yuba City, CA) issued the following statement following the passage of the GOP tax scam bill:
“This bill cuts taxes for huge corporations and the super-wealthy one percent by over $2 trillion, and will end up raising taxes on the middle class. Why are we doing this? Economic inequality is at an all-time high. The rich continue to get richer while wages continue to stagnate. American corporations are sitting on $2.5 trillion in cash that they literally don’t know what to do with. They have already said that the additional windfall from this cut will go to buy back stock and increase dividends, once again benefitting the super wealthy. Most corporations have no plans to expand employment in the United States. But Republicans have voted to give them a deep tax cut anyway.
“This giveaway to America’s largest corporations and the super-wealthy one percent will add $1.5 trillion to the deficit. It’s not surprising that the deficit hawks chose to reduce taxes for their wealthy friends. But don’t be surprised when they’re back in just one month to scream about the debt—that they made even larger--as an excuse to move forward with the Trump-Ryan plan to cut Social Security, Medicare and Medicaid. I’ll be fighting them then just like I’m fighting them now.
“America needs to invest in its future, not make the rich even richer. We could make a major investment in our country’s infrastructure. We could expand health care coverage for millions. We could invest in education, research, and domestic manufacturing. But instead, we’re gutting the treasury by giving enormous tax cuts to the super-wealthy one percent and America’s largest corporations. That’s not what the American people want. But it’s what the Republican Party’s donors want, and they’re cashing in their chips.”