(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) issued the following statement on the second anniversary of the Republican tax bill – the Tax Cuts and Jobs Act of 2017 – being signed into law:
“Two years ago, Congressional Republicans squandered an important opportunity to simplify our broken tax code and provide meaningful tax relief to working Americans. Instead, they exploded our national debt and forced middle-class families to foot the bill for massive tax breaks for the wealthy and large corporations,” said Senator Shaheen. “Communities in New Hampshire continue to suffer the consequences of the Tax Cuts and Jobs Act, which was drafted in secret and unnecessarily rushed through Congress. Whether it’s new and exorbitant taxes on much-needed water infrastructure investments or changes to the tax code that penalized local stores and restaurants seeking to improve their businesses, steps must be taken to right the wrongs of this deeply flawed tax law. Going forward, Republican leadership needs to legislate responsibly by working across the aisle in good faith and allowing the public into the legislative process, particularly for legislation that touches the lives of all Americans.”
Earlier this month, Senator Shaheen introduced bipartisan legislation to fix an unfair measure in the Tax Cuts and Jobs Act of 2017, which has led to exorbitant taxes on critical water infrastructure investments in New Hampshire and across the nation. These changes have already resulted in $1.15 million in new federal taxes for water infrastructure projects in Southern New Hampshire and will serve in the future as a strong disincentive against investments in water infrastructure and community development. In March, Shaheen and a bipartisan group of Senators introduced legislation to correct a drafting error in the Tax Cuts and Jobs Act of 2017, which resulted in cost-prohibitive renovation projects and stalled investments for local businesses. In May, Shaheen and Senator Cruz introduced legislation to protect charities and houses of worship from new taxes imposed by the 2017 tax law.