December 17, 2015

Watson Coleman Denounces Republican Tax Giveaways

For Immediate Release:

Washington, DC (December 17, 2015)   — Today, Congresswoman Bonnie Watson Coleman (NJ-12) voted against a Republican tax extender package projected to increase the federal deficit by $622 billion over the next ten years by making a host of tax cuts permanent without any viable plan to cover the cost of those cuts.  Watson Coleman issued the following statement on the bill, which will now move to the Senate:

“I am dumbfounded by the capacity of Republicans in this Congress to pay lip service to the need to find solid fiscal footing, and then hand over a silver platter of unfunded tax breaks to corporations and special interests.  What’s more, I’m disgusted by their willingness to line the pockets of big business while refusing to support an ailing middle class and countless struggling Americans.

“While they are vital to so many families and policies that I vehemently support, even the inclusion of the Earned Income Tax Credit and Child Care Tax Credit doesn’t make up for the destruction this bill will cause down the line.  The GOP majority seems determined to widen the gap between average American workers and CEOs making millions; this goes against everything our nation has ever stood for.  This irresponsible legislation is just another example of their willingness to prop up the highest earners on the backs of the hardest workers.”

The package considered by the House today will make 22 different tax provisions permanent, extend four provisions over a five-year period, and extend several more until 2017. In the process, the bill risks undermining government revenue and places discretionary spending on programs that help build and repair infrastructure, strengthen national security, and support working families at greater risk. 60 percent of the tax cuts in the bill will support large companies, resulting in a handout of nearly $350 billion.

House Democrats, including Watson Coleman, have consistently called for the consideration of permanent business tax provisions in the context of broader tax reform, offsetting their costs by closing special-interest tax loopholes.