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WASHINGTON – Congressman Paul Tonko expressed grave disappointment today as the House voted to advance final passage of the Republican tax plan, which will raise taxes on average for anyone making less than $75,000 per year by 2027 and delivers an estimated 82 percent of its benefits to the wealthiest 1 percent.

“This deeply unpopular bill was rammed through Congress with no hearings and no opportunity for serious amendments or debate, presumably because the plan is toxic,” said Tonko. “Instead of helping middle class and working poor families as promised, this plan expires their benefits, slashes Medicare and raises taxes for the many to give lavish permanent benefits and breaks to the wealthy and powerful few. The trillion dollars or more in debt this plan will saddle to our economy amounts to some $12,000 for every U.S. household, debt we are forced to carry so wealthy corporations can get tax benefits for outsourcing good jobs to other industrialized nations and so inheritances over $11 million can get a tax break. If this betrayal is approved by the Senate and signed by the President, it will marshal in one of the largest long-term redistributions of wealth to the wealthy in our nation’s history. I urge my Senate colleagues to remember their duty to their constituents and stop this regrettable plan from advancing any further.”

The Congressional Joint Committee on Taxation (JCT) estimates the Republican tax plan will add more than $1 trillion to the federal deficit over ten years. Its passage is expected to trigger an estimated $25 billion in immediate cuts to Medicare. According to JCT reports, the bill will raise taxes on average for every income group under $75,000 by 2027 and raises taxes or largely ignores an estimated 84 percent of all U.S. households (156 million).

A recent economic report has confirmed previous Congressional Budget Office analysis showing that the wealthiest 1 percent of U.S. households already hold 40 percent of the nation’s total wealth while the bottom 80 percent of earners hold just 7 percent.

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