WARWICK, R.I. (WLNE) — House Minority Leader Nancy Pelosi toured an advanced manufacturing facility at CCRI ahead of a press conference addressing the ways she says Rhode Island will be negatively impacted by the new Republican Tax proposal.
“Under this bill the middle class will pay more, under this bill future generations will pay more because the deficit will explode and why to give a tax cut, a $1.5 trillion tax cut to corporate America,” said House Minority Leader Pelosi.
Part of the plan involves reducing the corporate tax rate from 35% to 20%.
The President and Republicans say bigger corporate profits will trickle down to create more jobs and higher wages. The proposal would lead to the biggest tax overhaul in three decades.
“This is not a better tax proposal. This is a partisan Republican only plan and it does not help the American people. It makes their position worse,” said Congressman Jim Langevin.
Congressman David Cicilline says under the current plan 170,000 Rhode Islanders will not be able to deduct state and local taxes on their federal returns.
“Their interest is to get this through as fast as they can to frankly fool the American people to reward kind of the donor class of the Republican party and it will really be devastating to our economy,” said Congressman Cicilline.
“I hope that this bill gets a good working over in the House, that you can either stop it or at least make it as clear as can be to the American people what a retched deal this is,” said Senator Sheldon Whitehouse.
According to the latest ABC News-Washington Post poll, 50% of Americans are against the plan, and 60% think the tax plan will primarily benefit the wealthy.