Tags: steny hoyer | tax reform | economy

Rep. Hoyer: GOP Tax Reform Bill Won't Work in the Long Run

By    |   Thursday, 21 December 2017 01:16 PM

House Minority Whip Steny Hoyer Thursday conceded there will be some short-term benefits to the Republican tax reform bill passed this week, but in the long term, such tax cuts don't work out for the national economy.

"What we are really concerned about is the long-term effect of this, the skewing of benefits to the wealthiest in America," the Maryland Democrat told CNBC's "Squawk Box" program. "The fact [is] Medicare is going to be exposed to a $25 billion cut next year and 13 million Americans are going to lose health care."

Companies such as AT&T and Comcast announced on Wednesday that they're planning bonuses and other investments as a result of the tax bill legislation passing, and such actions will provide some short-term benefits, Hoyer said.

However, he added, Democrats believe that the bill will "undermine the ability of the United States to fund its priorities."

"Yes, there are some short-term benefits, apparently, and that's not surprising, but what we've seen as the long-term downside of these tax cuts, whether they were in '81 or '01 or '03, they didn't work out for our economy," Hoyer said.

Hoyer has been a congressman since 1981, said during that time, he's seen the downside of short-term stimulus efforts.

"As I said yesterday on the floor of the House as they were talking about their tax cuts, much of the rhetoric was very like we heard in '01 and '03 and what did we end up with at the end of the Bush administration?" he said. "The worst economy we've seen."

Hoyer said he does not want to wish against the economy, and he does want to see Americans adn the country doing well, but he believes the tax bill "was an irresponsible act."

Democrats, do, however, agree with dropping the corporate tax rate in order to strengthen competition for U.S. businesses around the world.

"As you know President [Barack] Obama in the State of the Union some three years ago said we needed to bring the corporate tax rate down so that it would be competitive with the rest of the world," Hoyer said. "We think that's correct."

In addition, the current bill, unlike one passed in 1986, was a strictly partisan bill, and was a paid for through partisan spending, which will affect the national economy, said Hoyer.

Hoyer said he's also concerned about the bill eliminating the Obamacare mandate, and that if lawmakers had worked together over the past year, some good improvements coulhd have been reached.

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House Minority Whip Steny Hoyer Thursday conceded there will be some short-term benefits to the Republican tax reform bill passed this week, but in the long term, such tax cuts don't work out for the national economy.
steny hoyer, tax reform, economy
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2017-16-21
Thursday, 21 December 2017 01:16 PM
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