RI politicians slam Trump’s tax law
Rhode Island’s congressional delegation took the Monday before federal taxes are due to criticize a tax reform passed by Congress, and pushed by President Donald Trump.
“The Trump tax law made matters worse by lowering the tax rate for the highest earners and corporations, and adding new loopholes that reward sending jobs and profits overseas,” Sen. Sheldon Whitehouse said at an event at a free tax preparer in Pawtucket. “Our Paying a Fair Share Act, also known as the Buffett Rule, is a good place to start to prevent multi-millionaires from using loopholes to pay lower tax rates than middle-class families.”
Rep. Jim Langevin also spoke at the event.
“As Rhode Islanders file their tax returns this season, I remain committed to passing real tax reform that benefits all Americans, helps middle-class families and small businesses, and encourages economic growth,” Langevin said.
Rep. David Cicilline said, “The GOP tax bill that gave a gigantic tax cut to the richest 1 percent and most profitable corporations has caused the annual deficit to spike to $1 trillion, while offering little to no tax relief for middle class families,” said Cicilline. “Worse still -- the Republican leadership is now gearing up to use this mountain of debt as an excuse to make massive cuts to Medicare, Social Security and Medicaid."
Cicilline, supported by the others, sponsored the Paying a Fair Share Act, which would ensure that individuals earning more than $2 million a year would pay 30 percent on their income.
Rhode Island Republican Party chair Brandon Bell shared his thoughts, as well.
“If it were up to our congressional delegation I think they would like to see everyone give their paychecks to the feds, and whatever they don’t need they’ll just return it,” said Bell.
Bell said the economy is doing well with the lowering of the corporate tax rate and that most Rhode Islanders will see their taxes go down.
“All these companies are sending bonusses out, people are seeing more money in their paycheck,” said Bell.
URI Economics professor Len Lardaro said the theory behind tax cuts for corporations may make the economy jump for a time, but it will almost surely raise the federal deficit.
“Supply side tax cuts tend to raise deficits,” Lardaro told NBC 10. “Even president Reagan had to start reversing them to try and control them. And we’re already at a point, near full employment.”
The tax changes will take effect this year for taxes to be filed in 2019.