Booker Statement on Senate GOP’s Tax Plan

WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) issued the following statement on the tax plan released by Senate Republicans today.  

“This tax bill is an offense to basic fairness, is bad economic policy, and will harm New Jerseyans and millions of hardworking American families. The biggest corporations, the wealthy, and the well-connected will see massive gains under this latest plan—while middle class families get scraps, and in many cases will pay more.

“The Senate bill is even worse for middle class New Jerseyans than the massive giveaway to corporations and the wealthiest Americans being rammed through the House. And it tells you everything you need to know about President Trump’s and Congressional Republican’s priorities: at the same time this bill preserves most of the estate tax – a provision costing taxpayers tens of billions of dollars for the sole benefit of estates worth more than $10 million – it completely eliminates the state and local tax deduction and other long-standing provisions offering tax relief for middle-income families. This is an all-out assault on high-cost states like New Jersey; the elimination of that deduction is part of the reason why millions of New Jerseyans will see their taxes rise under this so-called ‘reform.’

“This debate will be a test of how much Congressional Republicans can slash taxes for corporations and the wealthiest Americans without anyone noticing. We can’t let them get away with it and I’ll do everything in my power to stand up to this dangerous proposal.”