Hoffa: New House Tax Bill Benefits Big Business, Wealthy Over U.S. Workers

WASHINGTON, Nov. 2, 2017 /PRNewswire-USNewswire/ -- The following is a statement from Teamsters General President Jim Hoffa in response to the rollout of a new House Republican tax proposal today that would give corporations and the nation's wealthiest households a huge tax cut at the expense of hardworking Americans.

"At a time when big business is already pocketing sky-high profits and the top one percent of earners are seeing their incomes significantly grow, it is confounding why Congress would focus on increasing their wealth at the expense of the country's workers. Working Americans would see much-needed deductions for medical costs ended under this legislation. The bill would also cap deductions on local and state taxes as well as home mortgages, deductions that middle-class families rely on.

"The march to repeal the estate tax that only affects the nation's most wealthy and lowering the corporate tax rate from 35 to 20 percent will not help those working hard every day to support their families. Those tax cuts will be paid for by more than $4 trillion in cuts to Social Security, Medicare, Medicaid and education, services that benefit working Americans. The rest of the cost will be thrown on the backs of our children and grandchildren to cover.

"This plan is a flashback to the 1980s, when trickle-down economics was all the rage. It is now widely agreed to have been a failure, especially for those fighting to make ends meet. If Congress wants to provide real economic relief for middle-class Americans, it can start by repealing the 40 percent excise tax on high quality insurance plans. That's the kind of change that will help those who need it the most."

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.

Contact: 
Ted Gotsch, (202) 624-6911
[email protected]

SOURCE International Brotherhood of Teamsters