CHICAGO (CBS) — Illinois U.S. Sen. Dick Durbin is warning that the Republican tax plan will hurt families in Illinois, and even tax them on taxes they’ve paid.
At a news conference Monday, Sen. Durbin said President Trump and congressional Republicans’ new tax plan would eliminate the federal deduction for state and local taxes (SALT) paid, among other things.READ MORE: Short-Handed Bulls Fall To Memphis Grizzlies For Fourth Straight Loss
“While claiming to ‘fix our broken tax code,’ the Republican tax plan would instead provide nothing short of a windfall to the wealthiest Americans and stick hard-working families in Illinois with the bill,” the senator said. “They are raising taxes on middle-income families to provide massive tax cuts for corporations to the tune of $2.6 trillion over the first ten years and an empty promise of economic growth. American workers and their families are watching, and they’re still waiting for a better deal.”
Ralph Martire, head of the Center For Tax and Budget Accountability, says the new plan is poor economic and fiscal policy. “I mean, we’re talking about a tax cut that overall is going to go disproportionately to the wealthiest one percent in this country,” Martire added.
Durbin called this a Hail Mary pass by the Republican.
“After they have failed to come through with this health care reform, failed to come up with a replacement that is as good or better than the current system, they’re gathering all the players on the field for this tax reform — this big push,” the senator said. “And saying no questions asked, we’ve got to pass it, take it or leave it.”READ MORE: Blackhawks Fall To Seattle Kraken In Shootout
Among those who have also expressed concerns about the Trump tax plan are Tammy Duckworth and Rep. Jan Schakowsky, both of which are Illinois Democrats.
“His plan would mean huge tax cuts for the ultra-wealthy and big corporations at the expense of working-class and middle-class Americans. Millionaires and billionaires would see their tax rates slashed, and multinational corporations would get a massive tax break on offshore profits,” Schakowsky said in a prepared statement.
Mayor Rahm Emanuel has also leveled some criticisms at the tax proposal.
The Trump tax plan, which the president outlined in Sept. at the Indiana State Fairgrounds, would cut personal tax brackets from seven to three: 35, 25 and 12 percent. The rates, he said, would be offset by almost doubling the standard deduction — $24,000 for married taxpayers filing jointly, $12,000 for single filers.
Trump said “everyday American” workers would be the biggest winners, “as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels you haven’t seen in many years.”MORE NEWS: Illini Fall Short To Purdue In Double Overtime
Illinois has the fifth highest number of taxpayers who claim the state and local tax deductions.