Levin Statement on Trump Administration’s Proposed Tax Cuts

Apr 26, 2017 Issues: Economy

WASHINGTON, D.C. – Rep. Sander Levin (MI-09) today released the following statement in response the tax cuts proposed by the Trump Administration:

“Today’s announcement by the Trump Administration is not a tax reform plan.  It is warmed over supply-side economics, which the first President Bush called 'voodoo economics.' This is deja voodoo economics – cutting taxes mostly for the very wealthy and large corporations with a blind and disproven faith that those tax cuts will pay for themselves. 

“Treasury Secretary Mnuchin’s assertion that the plan will pay for itself with growth is both foolish and reckless. It defies history as well as the advice of the Joint Committee on Taxation and other experts. Following this path would massively increase our deficits – hurting our long-term economic growth, while also forcing cuts to Medicare and other critical programs. 

“Providing huge tax cuts to the wealthy, led by President Trump, while seeming to provide relative crumbs to everyone else is the wrong way for America.  We need to build economic growth from the middle out, not from the top down.”