WASHINGTON- Rep. Grijalva released the following statement in response to the Republican tax plan announced earlier today.
“The details of the Trump-Ryan tax plan reveal the same-old tried-and failed formula of trickle-down economics that does nothing to help America’s working families,” said Rep. Grijalva. “This tax plan is nothing but a massive cut for the wealthy and corporations that increases our deficit and provides Republicans with the ammunition they are after to force trillions of dollars in cuts from Social Security, Medicaid, education and other essential programs.
“Their territorial international plan is the ultimate job outsourcer by ending or dramatically lowering taxes on foreign profits and cementing the practice of offshoring American jobs. This is the exact opposite of what Trump promised on the campaign trail and a perfect example of the bait-and-switch. Republicans can attempt to frame this plan as a relief for small businesses, but we see beyond their façade. What Republicans are doing is creating a new loophole for Hedge fund managers, corporate lawyers and real estate developers like Trump, who will get a combined $770 billion tax cut.
“History shows that massive corporate tax cuts do nothing to spur job growth and in many cases corporations who have reaped those benefits end up cutting American jobs. This tax giveaway is sure to do one thing – pad the bank accounts of already wealthy CEOs. At a time when so many in our country are struggling to afford a decent education for their children, save a little money and finally get ahead, the idea of outsourcing their jobs to profit a billion dollar corporations is simply wrong.
“And if the case that Republicans stand only with the wealthy hasn’t been made clear enough, they are going to give a tax cut averaging $3 million apiece to the very wealthiest heirs for their estates. This will undoubtedly benefit Trump and his friends who are among the few that own multi-million dollar estates and once again leave the middle class on the hook for paying their tab.
“In ten-year’s time, 80% of the Republican’s tax breaks will exclusively benefit the top 1% of those making close to a million dollars, while one in four Americans will see a tax increase. This tax plan is a complete scam that does little to help working families.”