Shea-Porter Statement on Trump Tax Proposal Outline
WASHINGTON, DC – Congresswoman Carol Shea-Porter (NH-01) released the following statement on President Trump’s outline of a proposal to further rig America’s already-broken tax code:
“While our broken tax code badly needs reform, today’s White House proposal misses the mark by slashing rates for the biggest corporations and creating even more ways for the wealthiest Americans to avoid paying their fair share. This proposal would be a corporate giveaway, plain and simple, slashing rates for the wealthiest while preserving unfair loopholes and lucrative deductions written by lobbyists that allow huge corporations like Exxon Mobil to pay zero in federal taxes and instead claim millions in rebates.
“I continue to advocate for an honest, bipartisan discussion on tax reform that prioritizes tax relief for working families and small businesses in order to address our nation’s income inequality crisis. But I will not support any plan that exacerbates income inequality by giving away even more to the wealthiest 1% and the biggest corporations already favored by our tax code, while asking working Americans to bear the brunt of draconian budget cuts in the name of deficit reduction.
“I am deeply concerned by reports these corporate giveaways may not even be paid for, and I will insist that Congressional Republicans walk the walk on responsible deficit reduction in any tax plan.”
America’s broken tax code:
Exxon Mobil paid zero federal income taxes and received a tax rebate of $1.7 million in 2015.
– Institute on Taxation and Economic Policy, March 2017
The White House plan’s estate tax giveaway:
Eliminating the estate tax would only benefit the wealthiest .2 percent of Americans and would cost $275 billion in lost revenues over the next ten years.
– Center on Budget and Policy Priorities, 9/8/16
Creating LLC loopholes for top earners:
“A big corporate tax cut could also create a crisis for individual income taxes. Without a matching cut in individual income tax rates, individuals would be able to change the structure of their pay checks so that the payments went through limited liability companies that would pay no more than 15 percent under the business tax cut, a rate far lower than the top individual rate of 39.6 percent.”
– Washington Post, 4/26/17