(Washington, D.C.) Today, the House Ways and Means Committee released its tax bill. Consistent with the framework released in September, the House’s bill is a vehicle for huge tax cuts for the wealthy and corporations at the expense of women and families. The bill slashes tax rates for corporations, lowers the individual income tax rate, repeals the estate tax, and reduces the pass-through tax rate for “small businesses owners” such as hedge fund managers, real estate developers, and law firm partners. This legislation as a whole will cost trillions over the next 10 years and threaten funding for programs critical to the basic livelihood of women and families, such as Medicare, Medicaid, child care and early education, and more.
The following is a statement by Anna Chu, Vice-President of Income Security and Education at the National Women’s Law Center (NWLC):
“This tax plan benefits the super-rich and corporations at the cost of working families. Whatever this plan gives to middle-class families with one hand, it takes away with the other, while cutting taxes for families just like Trump’s—wealthy real estate developers and their heirs. To pay for massive tax cuts for big corporations and the wealthy, Republicans in Congress will take tax benefits away from low-income children, make it harder for workers to pay for child and dependent care expenses, raise taxes on women and families with serious, costly medical conditions, and slash vital programs and services that families rely on for a basic standard of living. Women and families only get crumbs under this plan, but are being asked to foot the bill. They deserve better.”
The National Women’s Law Center is a non-profit organization that has been working since 1972 to advance and protect women’s equality and opportunity. The Center focuses on major policy areas of importance to women and their families including economic security, education, employment and health, with special attention given to the concerns of low-income women. For more information on the Center, visit: www.nwlc.org.