September 26, 2017

Van Hollen Statement on Trump Tax Proposal

Today, U.S. Senator Van Hollen released the following statement regarding the Trump Administration's release of their tax reform plan.

"President Trump has finally released his long-awaited tax plan. But for all the waiting, this plan is just more of the same - a windfall tax giveaway for the very wealthy and special interests, with working Americans footing the bill. It leaves behind Maryland families and millions of others across the country. And just like the Republican efforts to blow up our health care system, this plan was drafted behind closed doors without bipartisan input.

"The cuts President Trump has proposed will explode the deficit to the tune of $4 trillion over the next ten years. But those aren't just numbers - it ultimately means less resources for Social Security, Medicare, and future investments in our economy, schools and job training programs, and life-saving medical research. Republicans refuse to recognize the fact that that 'tickle down economics' failed once already - here they are, proposing to lift yachts at the expense of everyone and everything else.

"I'm even more concerned for how Marylanders will fare under this plan. President Trump eliminates the estate tax, which currently impacts only the wealthiest 5,200 families in the entire country - and instead takes away the local and state tax deduction that many Maryland working families depend on. This is huge loss for the people of our state, and it will hit their pocketbooks the hardest.

"Earlier this year, I joined my Democratic colleagues in laying out clear principles for tax reform that will actually help working Americans. First, no tax plan should increase the tax burden on the middle class, and there should be no tax cut for the top 1 percent. Second, tax reform should not increase the federal debt, which is already too high. Third, tax reform should go through the normal legislative process so both Democrats and Republicans have an opportunity to craft a bipartisan package.

"I remain ready to work with my colleagues on both sides of the aisle to make sure we work to simplify our tax code so that we can put working families first and grow our economy. Unfortunately, this proposal fails that basic test."