Millionaire U.S. Congressman Jim Renacci voted Thursday for the House Republican tax plan, which will raise taxes on 36 million middle-class households across America, in order to give massive tax breaks to the wealthy and big corporations that ship jobs overseas, the Ohio Democratic Party said in a release this afternoon.
“As one of the richest members of Congress, Jim Renacci has been one of the biggest cheerleaders for the Republican tax giveaway to millionaires and billionaires – even earning a real-time fact check from Ali Velshi and Stephanie Ruhle – and today he voted to raise taxes on millions of American families, while slashing taxes for the wealthy and companies that ship jobs overseas, cutting Medicare and Medicaid and blowing up the federal deficit,” ODP Chair David Pepper said.
Trickle-down economics and big tax cuts for the rich don’t work, and Renacci only needs to look at Ohio to see the evidence, Pepper said.
“After years of Columbus Republicans giving tax breaks to the wealthy, Ohio has one of the worst economies in the country,” he said. “Jim Renacci can’t be trusted to run our state if he’s voting to explode the deficit and raise taxes on more than a million Ohio families.”
According to analysis by the Institute on Taxation and Economic Policy, more than 1.1 million Ohio households earning less than $133,000 will see a tax increase under the House bill, the release said.
“While the GOP gives away trillions in tax breaks to the wealthiest and corporate America, Renacci and House Republicans are destroying key benefits for middle-class families,” the release said.
It listed the following provisions in the plan that would harm middle-class America:
Dismantling the State and Local Tax Deduction – imposing an unfair double tax on middle-class families, driving down home values and endangering local governments’ ability to fund law enforcement, schools and health services;
Eliminating the Student Loan Interest Deduction & Lifetime Learning Credits – destroying a key deduction for young graduates and workers getting the job training they need to succeed in the global workforce;
Eliminating the Medical Expense Deduction – destroying a key deduction claimed by nearly 9 million American households, which helps families with children with disabilities, long-term care, a need for expensive fertility treatments and much more;
Imposing a New Limit on the Mortgage Interest Deduction – assaulting the dream of middle-class homeownership in communities across America.