Scott Garrett: “When is a tax cut not a tax cut? When it really raises your taxes in the end? This legislation, as many tax bills, is…”

“When is a tax cut not a tax cut? When it really raises your taxes in the end? This legislation, as many tax bills, is masquerading as a tax cut, when at the end of the day citizens of this country will see their taxes rise. The tax cuts in this bill are temporary. The tax increases in this bill are permanent. There are good parts in the bill. Section 179, expensing, is a good part; the tip credit, which was mentioned earlier, a good part. Portions were left out, as we discussed during the rule, such as deductions for State and local tax deductions should have been in here. But even beyond that, even if they were, it is a bad bill, because it raises your taxes. Business lobby may be out there protecting the tax businesses, who is protecting the individual taxpayer? Earlier today, we received a flier from NTU, National Taxpayer Union, which said, according to the CBO, H.R. 976 would increase net taxes by providing only temporary tax cuts in exchange for permanent tax hikes. Furthermore, a memo from RSE indicates similarly. H.R. 976 would permanently increase taxes on some taxpayers, while others would see them go down. This bill was also scored by the Joint Committee on Taxation. So it is not just my word on it. It is not the word of NTU or RSE. The Joint Committee on Taxation also concludes this bill would yield a net tax increase over 6 years.”