Louisiana Budget Project Director Jan Moller released the following statement about the U.S. House of Representative’s tax plan released today:
“The plan released today by House Republicans calls for massive tax cuts for for the wealthiest households and most profitable corporations while leaving out the most vulnerable. The benefits would be concentrated at the top, giving little or no relief to those who have been struggling with stagnant wages and rising costs of living for decades.
“This would have terrible long-run implications for low and middle-income Louisiana households and our state budget. Louisiana relies heavily on federal funding, which makes up more than 43 percent of the state’s 2017-18 budget. If the House tax plan is enacted, federal tax revenues would decline significantly, which likely would force cuts to programs and services that serve low and middle income families in our state.
“The claims that these tax cuts will pay for themselves are simply false. Everyday Louisianans would likely have to foot the bill for these massive, deficit-increasing tax cuts through future cuts to Medicare, Medicaid, veterans services, and needed investments in things like clean air and water that build our economy and help people succeed. Real tax reform should raise the revenue needed to support basic services and make our tax code more progressive. This plan does the opposite.”