(Washington, DC) — Senator Jeanne Shaheen (D-NH) issued the following statement on the Senate Republican tax bill, which passed the Senate on a party-line vote early Saturday morning:
“We need bipartisan tax reform to simplify our tax code, bolster the middle class, support small businesses and create jobs. But the partisan bill forced through the Senate and passed on a party-line vote failed to address any of these critical needs,” said Senator Shaheen. “This legislation asks middle-class families to foot the bill for massive tax breaks for the wealthy and large corporations, and will have serious ramifications for Granite Staters who rely on important tax benefits that are eliminated under this bill. I am tremendously disappointed by the secretive manner in which Senate Republicans crafted this legislation, and I’m concerned about how the middle class, seniors, homeowners, teachers and so many others will suffer as a result of this legislation. As the tax overhaul process moves forward, I’ll continue to push for bipartisanship and to protect essential New Hampshire priorities, including the state and local tax deduction and the student loan interest deduction.”
The Republican tax bill will add nearly $1.5 trillion to the national debt and make most families who earn less than $75,000 a year pay more in taxes by 2027. According to the non-partisan Congressional Budget Office, by 2019, Americans earning less than $30,000 a year will be worse off. The bill would lead to $25 billion in cuts from Medicare, harming seniors, and repeals part of the Affordable Care Act, which will raise healthcare costs and leave more Americans uninsured. Additionally, the Republican tax plan could prevent homeowners in New Hampshire from deducting state and local taxes and increase the tax burden on work-study students at colleges and universities.