Congressman Tom Reed Votes to Give Himself & His Biggest Donors an Early Christmas Present
Moments ago, Congressman Tom Reed and House Republicans voted to pass the GOP Tax Scam without a single Democratic vote, 227-203.
This scam will give corporations and the GOP's wealthiest donors significant tax breaks at the expense of New York families. Double-tax Tom and the GOP's elimination of the State and Local Tax (SALT) deductions means that middle-class families will have to pay federal taxes on income that went to state and local governments, effectively a double tax.
Additionally, the bill will cut Medicare up to $25 billion per year, as House Speaker Paul Ryan and Rep. Reed pave the way for additional cuts to Medicare, Medicaid, and Social Security in 2018. This will devastate the 3.3 million New Yorkers who rely on Medicare, and the countless others who depend on Medicaid and Social Security for essential benefits.
Representative Reed is a direct beneficiary of a newly added provision that gives a tax break to those who own LLCs, something that will personally benefit him. Reed and his wife take income from two LLCs: R&R Properties, LLC, and R&R Resource Recovery, LLC - a medical collections business. As a member of the House Ways and Means Committee, Reed was directly involved in determining the provisions that ended up in the final bill.
In response, Democratic Congressional candidate Eddie Sundquist released the following statement:
"I am incredibly disappointed that Tom Reed would vote for a bill that would do more harm to his constituents than good. While he claims this will help families in our district, elimination of deductions like the state and local tax deductions will do the opposite - and the cuts to entitlements like Medicare & Medicaid will be devastating.
One of the few people who comes out ahead in this deal is Tom Reed himself. It's alarming to hear that Reed's yes vote comes after the GOP added a special provision to cut taxes for those who own LLCs. Reed and his family own two, and this provision would lower taxes on the income his family takes from them.
I still am committed to tax reform that will help lighten the burden on middle-class families, but this bill that was written behind closed doors only serves the wealthiest Americans.
Next November, voters in this district will make Tom Reed pay for this vote, just like he's making us pay for a tax cut for himself and the donors he's calling."
Background:
Politico
Tax bill could trigger historic spending cutshttps://www.politico.com/story
Washington Post
Ryan says Republicans to target welfare, Medicare, Medicaid Spending in 2018https://www.washingtonpost.com
Kaiser Family Foundation
Total Number of Medicare Beneficiaries (by state)https://www.kff.org/medicare/s
International Business Times
Paul Ryan and Top Republican Lawmakers Could Reap Personal Windfall From New Real Estate Tax Breakshttp://www.ibtimes.com/politic
This scam will give corporations and the GOP's wealthiest donors significant tax breaks at the expense of New York families. Double-tax Tom and the GOP's elimination of the State and Local Tax (SALT) deductions means that middle-class families will have to pay federal taxes on income that went to state and local governments, effectively a double tax.
Additionally, the bill will cut Medicare up to $25 billion per year, as House Speaker Paul Ryan and Rep. Reed pave the way for additional cuts to Medicare, Medicaid, and Social Security in 2018. This will devastate the 3.3 million New Yorkers who rely on Medicare, and the countless others who depend on Medicaid and Social Security for essential benefits.
Representative Reed is a direct beneficiary of a newly added provision that gives a tax break to those who own LLCs, something that will personally benefit him. Reed and his wife take income from two LLCs: R&R Properties, LLC, and R&R Resource Recovery, LLC - a medical collections business. As a member of the House Ways and Means Committee, Reed was directly involved in determining the provisions that ended up in the final bill.
In response, Democratic Congressional candidate Eddie Sundquist released the following statement:
"I am incredibly disappointed that Tom Reed would vote for a bill that would do more harm to his constituents than good. While he claims this will help families in our district, elimination of deductions like the state and local tax deductions will do the opposite - and the cuts to entitlements like Medicare & Medicaid will be devastating.
One of the few people who comes out ahead in this deal is Tom Reed himself. It's alarming to hear that Reed's yes vote comes after the GOP added a special provision to cut taxes for those who own LLCs. Reed and his family own two, and this provision would lower taxes on the income his family takes from them.
I still am committed to tax reform that will help lighten the burden on middle-class families, but this bill that was written behind closed doors only serves the wealthiest Americans.
Next November, voters in this district will make Tom Reed pay for this vote, just like he's making us pay for a tax cut for himself and the donors he's calling."
Background:
Politico
Tax bill could trigger historic spending cutshttps://www.politico.com/story
Washington Post
Ryan says Republicans to target welfare, Medicare, Medicaid Spending in 2018https://www.washingtonpost.com
Kaiser Family Foundation
Total Number of Medicare Beneficiaries (by state)https://www.kff.org/medicare/s
International Business Times
Paul Ryan and Top Republican Lawmakers Could Reap Personal Windfall From New Real Estate Tax Breakshttp://www.ibtimes.com/politic
Golden Slams Opponent Vote, Tax Plan Rushed Through House
Today, the GOP finished pushing through their version of a sweeping tax reform, dealing a crippling blow to the long-term financial security of upstate New York households and communities.
Ian Golden, Democratic Congressional candidate for New York District 23 said about the new tax bill, “Upstate New Yorkers desperately need tax relief. Unfortunately this bill does not provide that. This bill was crafted for large corporations and the richest 5% in our nation to reap the majority of the benefits.”
To provide tax cuts for the wealthy, the final bill adds over $1.4 trillion to the national debt. The plan lays the groundwork for future attacks on Medicare, Medicaid and Social Security.
“My opponent has made a political career on fiscal responsibility and controlling federal spending. Now he leads the charge for a bill that blows a hole in the federal deficit, on the backs of working men and women,” Golden said. “Today our current Congressman proved who he truly represents. Keeping the carried interest loophole open for hedge fund managers to exploit and doubling the estate tax exemption for millionaires are clear examples of just how out of touch with our district and residents he truly is.”
“An overwhelming majority of Americans oppose this handout for the rich on the backs of hard working men and women. It’s unfortunate our current Representative in Congress has chosen to protect his wealthy donors over the people he was elected to represent, ” he concluded.
The bill is expected to pass in the Senate and make its way to the Oval Office where President Trump has promised to sign it into law.
