Wyden Statement on House Republican Tax Package
Washington, D.C.—Senate Finance Committee Chairman Ron Wyden, D-Ore., issued the following statement today on the new tax package released by Republicans on the House Ways and Means Committee:
“As I’ve told Republicans repeatedly, Democrats are on board with fixing business tax incentives like R&D expensing as long as Congress also passes support for the most vulnerable children and families on the same scale. The tax uncertainty a lot of businesses are dealing with right now, particularly around R&D expensing, is a direct result of the timing and budget gimmicks Republicans used to inflate their 2017 corporate tax handouts.
“Democrats are interested in helping businesses and American families at the same time. Pairing tax cuts for businesses and families has been the bipartisan practice for several years in recent memory. I’m hopeful there’s enough common ground for the two sides to reach an agreement this year, and I’m going to work with my colleagues in the Senate on our own priorities.
“Other elements in this package will never get Democratic support. Too much of this package is made up of giveaways to the wealthy and big corporations, and it goes without saying that repealing landmark clean energy incentives from the Inflation Reduction Act is a nonstarter in the Senate. Republicans are so dedicated to this ideological fight against anything that addresses the climate crisis, they’re willing to commit major acts of economic self-sabotage. American manufacturing is booming thanks in large part to the clean energy package in the Inflation Reduction Act, and the irony is, Republican-led districts and states are benefitting the most. The bottom line is, repealing IRA clean energy incentives would be a gut punch for American businesses, workers and manufacturers, a gift to Big Oil and Chinese industry, and a major setback in the fight to address the climate crisis. It’s not going to happen.”
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