December 09,2016

Press Contact:

Ryan Carey

Wyden Statement on Continuing Resolution and Tax Extenders

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued the following statement on his vote against the continuing resolution, which did not address expiring tax provisions on clean energy investment, short-line rail production, college tuition, mortgage debt forgiveness tax relief or private mortgage insurance deductibility:

“Republicans packed up and went home without making any legitimate effort to extend key tax provisions, and there will be harmful consequences for clean energy and manufacturing jobs, middle-class homeowners and students. For an entire year it was all talk and no action on tax incentives for clean energy investment. Allowing these incentives to expire strangles innovation in clean energy and jeopardizes the good-paying jobs that go with it. A lot of small town manufacturers rely on rail lines to get their products to consumers, but a key infrastructure credit for railways is now going to lapse. College and grad students working hard toward a degree are going to lose a deduction for tuition and fees, forcing many to take on more debt. Families who used private mortgage insurance to buy their homes are going to see their costs jump. And if struggling homeowners negotiate to have some or all of their mortgage debt forgiven, they could face a nasty tax bill because Republicans allowed an important tax safeguard to expire. If ignoring the needs of these families, students and businesses reflects the approach my colleagues are going to bring to the tax reform debate next year, they’ll be in for a fight.”