Rep. Thompson’s Statement on Ryan-McConnell Tax Cut Plan
Washington, DC – Today, Congressman Mike Thompson (CA-05), member of the House Committee on Ways and Means, issued the following statement following the unveiling of the Ryan-McConnell tax cut plan:
“Comprehensive tax reform must be built from the middle class out, stimulating economic growth by supporting working families,” said Rep. Thompson. “The framework Republicans unveiled today does not give any specifics as to how the middle class will benefit. And despite the President’s assurances to me yesterday that the Republican framework would not benefit the wealthiest among us in any way, this plan seeks to lower individual taxes for the highest earners by dropping the tax rate on the highest incomes, creating new loopholes for the owners of pass-through businesses, and repealing the alternative minimum tax.
“Further, the Republican plan does not detail how these across-the-board tax cuts would be paid for which would significantly add to our deficit, creating a much bigger problem for us down the road.
“If the President and Congressional Republicans are truly committed to bipartisan tax reform, as they say they are, I’m hopeful this framework is merely a starting point and that discussions about a responsible tax reform package can begin between Democrats and Republicans.”