O'Halleran Statement on Passage of Partisan Tax Reform
WASHINGTON, DC – Today, Congressman Tom O’Halleran (AZ-01) voted against H.R. 1, the GOP Tax Bill, citing the expiration of tax cuts for middle-class families, lack of incentives for major corporations to create jobs in America, and the addition of trillions of dollars to our national debt.
“Congress’ focus from the beginning should have been on lasting tax relief for hardworking American families, but this tax plan doesn’t do that. Any relief that families receive will disappear as the tax cuts expire in a few short years,” said Rep. O’Halleran. “We should not be giving permanent tax cuts to multinational corporations while we create uncertainly for middle-class families.”
The tax plan, passed by the House along party lines, includes a tax cut for middle-class families that sunsets in 2025. Once those cuts expire, anyone earning less than $75,000 will see their taxes increase. Additionally, the corporate tax rate is permanently lowered from 35 percent to 21 percent, and companies relocated to other countries will be taxed under a territorial system, allowing them to further avoid paying taxes on their profits.
“The American people deserve better. This plan will drastically expand our national debt, saddling our children and grandchildren with the cost,” continued O’Halleran. “This needs to be a bipartisan, comprehensive effort that puts money back into the pockets of working families and creates incentives to bring back good-paying to America and grow new jobs in our communities. Some in Washington say their side needs a political win, but what America needs is a win for hardworking, middle-class families.”
According to estimates from the independent Congressional Budget Office and Joint Committee on Taxation the tax plan adds an additional $1.5 trillion to the national deficit.
O'Halleran released a video outlining his concerns with the partisan tax reform proposal. You can watch the video here.