Political Quotes

“It has been just about 100 hours since the House Republican leadership released their tax plan finally, not only to the American people, but also to their own rank and file Members. I represent a great district, it is eastern Connecticut, it is about half the State geographically, and it is home to the University of Connecticut, Electric Boat shipyard, Groton Navy base, Coast Guard Academy. I am very proud of the fact that these are really sharp folks, and in that less than 100-hour period, I have had about 700 emails and calls into my office from people who have looked at this plan, have run the numbers, have looked at what the existing Tax Code provides, and looked at what the net impact will be if this plan were ever to become law. Louis from Norwich, Connecticut, who is a tax preparer, describes a neighbor of his who is 68 years old, she lives by herself, she earns $33,000 in pension and Social Security income, only of which $21,000 is taxable, and she has a small mortgage. She looked at the Republican tax plan, which includes a standard deduction of $12,500, and that is it. Her new tax will be $1,014 if that plan were to go into effect. Under existing law, the itemized deductions that she can claim today are roughly about $12,500, the same amount as the standard deduction, but she is also able to claim a personal exemption, which every American is entitled to under the existing Tax Code. With that existing plan, her net taxes are $445.…”