Kaptur: Republican tax plan is bad for Ohio, won’t create jobs
Urges Republicans to scrap “scam tax reform” plan, and focus on “real tax reform”
Washington, D.C. – Congresswoman Marcy Kaptur (OH-09), the Dean of the Ohio Delegation, took the floor of the House this week to oppose the current tax plan being offered by the Republican Congressional Majority.
Key excerpts from the floor speech:
"We cannot allow the Republican Majority to trade away creating jobs here in America, for doling out massive tax breaks to wealthy corporations that have no intention of investing here in the United States of America.
"The Republican plan will actually fuel more job outsourcing, and move benefits to shareholders, and overpaid CEOs. Not the workers of our country. 80 percent of the tax giveaways go to the top one percent!
"Our country can't afford to balloon the deficit by $1.5 trillion so that Wall Street can appease their shareholders a little more and stack the decks against American workers.
"Tax reform should not result in the outsourcing of our jobs it should result investing right here in the United States of America. And that begins with real tax reform, not scam tax reform."
Watch the entire speech here.
House Republicans are proposing eliminating the state and local income tax deduction, which about one out of every four Ohioans utilize, with an average deduction of $10,444 (more about this can be seen here).
According to the Government Finance Officers Association (GFOA) if the state and local tax deduction were eliminated, "it would represent a significant tax increase on homeowners and make it much more difficult for many Americans to own their homes. This tax increase would drive significant changes in the housing market. Home prices — which have been set for decades assuming the SALT deductions — would inevitably fall, causing a significant loss in wealth for many Americans and creating instability in the market."
Additionally, the Republican majority is also considering reducing the contribution limit that citizens can contribute to their 401k plans, a move opposed by Kaptur.
Kaptur spoke to MSNBC's Chris Matthews earlier in October regarding the Republican tax proposal. Watch that segment here. Also, Kaptur is one of the few Members of Congress who voted no on the 1986 tax agreement, citing a deal that contained tax cuts for the rich without any requirements that major corporations do not ship jobs overseas. She called the move "a bad deal then and a bad deal now."