WASHINGTON, D.C. – Today, U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senators Chuck Schumer (D-NY), Brian Schatz (D-HI) and Chris Van Hollen (D-MD) to discuss how the House Republicans’ proposed tax plan is a giveaway to the wealthiest Americans and large corporations at the expense of middle-class families and small and medium-size businesses. Video of her remarks areavailable here.
Key Excerpts:
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“While the wealthy and large corporations will enjoy a massive tax cut under this plan, middle-class families will actually face a tax hike… The average deduction in Illinois for those who itemize is approximately $14,000. With the increases that they’re going to get and the loss of the ability to itemize, they’re going to see a benefit of only $12,000, so they’re going to see an increase of approximately $2,000.”
“[The GOP tax plan] would also eliminate tax deductions for a third of hardworking Illinois families, and it would leave small businesses at a higher tax bracket. Let me make it clear: small and medium-size businesses in Illinois make up 95% of the employers in Illinois… This plan will hurt them.”
“There are reforms to the tax system that both sides can agree on, and I agree that we need to simplify the tax code, expand the standard deduction and help families afford child care. I’m happy to vote for a lowering of the corporate tax rate, but it can’t just happen for the large corporations. It has to happen for small and medium-size businesses and middle-class families as well.”
