O’Halleran: Tax Plan Fails Middle Class and Small Businesses
WASHINGTON, DC - Today, Congressman Tom O’Halleran (AZ-01) voted against the House tax bill, citing the elimination of critical deductions on which millions of middle-class families rely and nearly $2 trillion added to the federal deficit.
“Tax reform should be focused on middle-class tax relief and incentivizing businesses to bring back and create good-paying jobs in America. This legislation, unfortunately, does neither,” said Rep. O’Halleran. “This tax bill will eliminate tax deductions that Arizona families rely on to afford medical care, education, and local taxes. In their rush to earn political points by passing a tax reform bill, Congressional leaders have failed to address many of the issues our families and entrepreneurs face."
Deductions that would be eliminated or capped under the Republican tax bill include:
- Medical Expenses Deduction
- Student Loan Interest Deduction
- State and Local Tax Deduction
- Mortgage Interest Deduction
“From the beginning, this should have been a transparent process that included the American people, many of whom still do not know how this bill will impact their families. We need sound policymaking that results in lasting tax reform that stimulates our economy and does not add to our growing debt,” continued O’Halleran. “I cannot support legislation that harms our middle-class families at the expense of the wealthiest Americans or saddles future generations of Arizonans with even more debt. The American people deserve better.”
Last night, the Senate Finance Committee unanimously rejected the policies within the House tax plan when it was offered as an amendment to the Senate tax bill.