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Higgins Says GOP Tax Bill Is A Major Liability to Every Taxpaying American, but for the Top 1%

Nov 6, 2017
Press Release
Congressman Argues, and Joint Committee on Taxation Chief Agrees, Bill Doesn’t Pass Treasury Secretary’s Own Mnuchin Rule

WASHINGTON, DC – Today, as the House of Representatives Ways and Means Committee began the process of deliberating the GOP Tax Reform bill, Vice Ranking Member Congressman Brian Higgins (NY-26) argued that the proposal’s primary beneficiary is the top 1%.  Higgins pointed out the tax overhaul fails to pass the standard advanced by Treasury Secretary Steven Mnuchin, that there would be no tax cuts for the wealthy, and fails to garner the confidence of economists from Secretary Mnuchin’s own organization, Goldman Sachs. 

Higgins said, in part, “This tax bill will produce, according to Goldman economists, no good growth in the American economy over the next five years.  The reason why Goldman is relevant here is both the Secretary of the Treasury, Mr. Mnuchin, and the National Economic Advisor, Mr. Cohn, are both from Goldman.  If you can’t convince the organization, from which you came, [to] confirm what you’re saying, that is indicative, to me, of a bill that just doesn’t balance out.  No good growth, record deficits, no new jobs created.  This tax bill is a major liability to every taxpaying American, but for the top 1%.”

WATCH Congressman Higgins’ remarks at today’s hearing: