Shaheen Statement on Senate GOP Tax Bill

November 17, 2017

(Washington, DC) – Today, Senator Jeanne Shaheen (D-NH) issued the following statement on the Senate Republican tax bill, which was approved by the Senate Finance Committee on Thursday evening:

“We need bipartisan tax reform that simplifies our tax code to help small businesses and delivers meaningful relief to middle-class families. Sadly, the tax bill approved last night is a partisan effort that doesn’t meet any of those goals,” said Senator Shaheen. “This bill would add over one and a half trillion dollars to our national debt and hurt Granite State students, seniors and working families, all to provide tax cuts to the very wealthy and large corporations. I stand ready to work with Republicans and Democrats to reform our tax code, but we need a bill that’s fiscally responsible, helps grow our economy and prioritizes the middle class.” 

 

According to a report by the nonpartisan Joint Committee on Taxation, the Senate GOP tax bill would increase taxes on Americans earning $75,000 annually per year by 2027.

In addition, the Senate Republican tax bill would:

  • Reduce the number of insured Americans by 13 million by repealing a key provision of the Affordable Care Act;
  • Lead to a $25 billion cut to Medicare;
  • Eliminate the state and local tax deduction (SALT), which 204,000 Granite State homeowners rely on to deduct property taxes;
  • Prevent 80,000 Granite Staters with student loan debt from deducting interest on student loans;
  • And add $1.5 trillion to the national debt to afford passing permanent tax cuts for corporations.