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This week House Republicans passed a tax bill that will hurt middle class families and small businesses. As the Senate considers a similar bill in the coming weeks, here’s where I stand.
I have major issues with proposals in the Republican tax plan. Their plan tilts benefits heavily to the wealthiest few, while estimates indicate millions of middle class families and small businesses will face a tax hike. It would be particularly bad for Virginia by repealing or limiting important provisions to the Commonwealth, such as the state and local tax deduction and the Federal Historic Tax Credit, a program that has brought investment and helped renovate historic buildings in Virginia towns and communities. The bill is also a deficit buster; three former defense secretaries have said that this tax plan jacks up the national debt so much that it would make it harder for the Pentagon to make future investments in our national defense. Lastly, Senate Republicans have decided to include a provision that would repeal the Affordable Care Act’s individual insurance mandate, which would cause higher health care premiums for Virginians and an estimated 13 million fewer Americans with insurance.
This isn’t how we should be doing tax reform. I would support a bill that prioritizes middle class Virginians and small businesses, but this plan does the opposite. Republicans should drop this partisan effort and work with Democrats on a bipartisan tax reform bill.
Sincerely,
"[nice signature graphic that didn't paste: Tim Kaine]
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