Our tax system is broken and in desperate need of reform. We need a simpler Tax Code that is fiscally responsible, makes American businesses more competitive, and allows working families to prosper in a 21st century economy. But the Ryan-McConnell tax proposal would do the opposite and fails on the promises made by President Trump to boost the middle class. Middle class families would see an average tax increase of $1,290 per year. That is a 380 percent increase for an average family of four. A new analysis from the nonpartisan Tax Policy Center said that the Ryan-McConnell proposal would add $5.6 trillion to the national debt, a 27 percent increase from the current debt which is already too high. Under this proposal, the increased deficits will far outweigh the benefits of reductions, and economic growth and hardworking Americans will both suffer. Instead, we need forward-looking policies that are fiscally responsible and create opportunities for families and businesses in today's economy. That will only come from bipartisan negotiations where we can work together to create the best possible tax conditions for Americans. ____________________
On the recordOctober 5, 2017
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