WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today called the GOP tax reform plan a missed opportunity to cut taxes for working Ohioans. The final bill was released late Friday evening and passed hours later on a party-line vote before Senators even had time to read the entire text. Throughout the process, Brown offered several amendments, including one to expand the child tax credit and another to cut taxes only for corporations that do not send jobs overseas. The amendments were blocked from passage.
The Joint Committee on Taxation (JCT) confirmed the GOP tax bill won’t grow the economy, it won’t create jobs and it won’t pay for itself. It will, according to JCT, add $1 trillion to the federal deficit even after accounting for economic growth. The deficit increase will force an automatic $25 billion cut to Medicare next year along with cuts to other priorities like border security and support for Ohio farmers.
“Tax reform should have been an opportunity to work together to cut taxes for working people. I offered to work with the President and Republicans, and I introduced multiple amendments that could have put real money in the pockets of Ohioans. Instead Washington chose to cut taxes for corporations that send American jobs overseas, blow a hole in the deficit, and pay for it by cutting Medicare and kicking people off their health insurance,” said Brown.
GOP Tax Bill Quick Facts:
- It encourages corporations to outsource jobs.
- It raises taxes on nearly 13 million middle class families in 2019 and 87 million middle class families in 2027.
- It raises taxes on Ohio seniors.
- It causes 13 million people to lose their health insurance.
- It raises healthcare premiums by about 10 percent each year.
- It would cause Ohioans to pay more in premium hikes than they’ll get in a tax cut under the bill.
- It would take away $338 billion that currently helps working families afford healthcare to pay for corporate tax cuts.
- It would force a $25 billion cut to Medicare next year, and a $16.4 billion Medicare cut for Ohio over ten years.
- It provides a permanent tax cut to corporations, but only temporary cuts to working families.