Smith Statement on President’s Misguided Tax Proposal

Washington D.C. Congressman Adam Smith released the following statement regarding the President’s proposed tax plan: 

“Our current tax code is overly-complex; there is no question it needs reexamination and overhaul. The tax proposal released today by President Trump would be disastrous.  Its almost singular focus on cutting taxes for wealthy people and companies will harm working people and undermine a healthy economy.

“It is deeply hypocritical for Republicans to have claimed for years that responsible budgets and limiting deficits matter, only to now support excessive and unpaid-for tax cuts. If spurring economic growth was as easy as cutting taxes, our economy would have grown considerably more in the past 16 years, following the Bush tax cuts.

“The revenues generated by our tax system directly fund our government and its efforts to care for our fellow Americans, keep our country safe, and invest in the future through education, housing, research, defense, infrastructure, and other priorities.  This plan drastically reduces revenues and will devastate government and programs in all areas, explode budget deficits, and risk destroying our economy. I hope that my Republican colleagues in Congress will have the good sense to reject this unwise tax proposal and instead focus on making government work better for everyone.”