Scott Votes Against Tax Deal
WASHINGTON, D.C. – Congressman Bobby Scott (VA-03) issued the following statement after voting against H.R. 7024, the Wyden-Smith tax deal:
“When Congressional Democrats and President Biden enacted the American Rescue Plan in 2021, we prioritized the economic well-being of working families with the expanded, monthly Child Tax Credit (CTC). The expanded CTC under the American Rescue Plan reached 61 million children and reduced child poverty nearly in half, lifting nearly 3 million children out of poverty. In contrast, this bill is only expected to lift 500,000 children out of poverty.
“Unfortunately, this deal fails to reinstate the economic gains made for working families and fails to come anywhere near the reduction in child poverty achieved under the American Rescue Plan. Instead, this bill prioritizes reinstating $185 billion in tax cuts for corporations that were included in the 2017 Trump Tax Scam, while only providing $33 billion in benefits for children. It is overwhelmingly lopsided in favor of big corporations that are already paying historically low tax rates as a result of the Trump Tax Scam. What’s even more egregious is that the bill makes tax breaks for big corporations and business retroactive and immediate while not doing the same for working families. This does not make sense from either a budgetary or good public policy perspective and is a bold display of misplaced priorities.
“It is notable that Congressional Republicans sanctimoniously complain about the national debt and budget deficits. Earlier this month, Republicans on the House Budget Committee even passed the so-called ‘Fiscal Commission Act’ because they were seemingly so concerned about the national debt. Yet, they consistently abandon all sense of fiscal responsibility when it comes to enacting corporate tax cuts. Ultimately, I voted ‘no’ because this fiscally irresponsible tax deal is too lopsided in favor of corporations and special interests while failing to provide equivalent support for working families.”
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