House passes $5.5 trillion tax reform bill

Today, the House passed a $5.5 trillion tax bill, the first major step toward rewriting the nation’s tax code. In response, John Taylor, President and CEO of the National Community Reinvestment Coalition made the following statement.

“I believe tax reform is a great idea, but it must benefit the middle class and the working class. If it does anything less than support the millions of Americans working hard to seek out a living, like the bill passed by the House today, then tax reform is no longer a good idea. Trickle down economics hasn’t served this country well since it was introduced by Reagan, yet today, House Republicans pushed through a bill which simultaneously increases our country’s debt and disadvantages poor families, making it that much harder for working class America.

“I am especially concerned by the new limitations placed on the housing sector in this tax reform, which will make it more difficult to expand our supply of affordable housing in the midst of a housing crisis. If the Senate cannot stop this terrible legislation, then they need to find another job.”

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