Back to Top

George has issued a statement on the impact of the current tax cut bill on the national debt

This week, the Senate aims to pass their version of the tax deal, having agreed to pay for tax cuts by closing a few loopholes, but mostly by increasing the our national debt by $1.5 trillion over the next decade. The Senate's math ignores this reality: Their plan is not tax reform. It leaves most spending in place and gives a huge unnecessary gift to corporations and the very wealthy. After years of warning of the danger of debt and deficits, they now dismiss those concerns with dubious promises of rapid economic growth .

“The deficit doesn't matter. These tax cuts will pay for themselves, by increasing economic growth.” That's what the GOP tells us – that's what they've always told us. Except, as Senator Ron Wyden (D-OR) points out, “We've seen this movie before.” We saw it when the Bush tax cuts cost us $2.5 trillion over ten years; blew a huge hole in the deficit; and ushered in the Great Recession.

We want to believe them....we want to believe in the magic of tax cuts. But, we have learned by now that tax cuts DON'T pay for themselves. If you want tax cuts without blowing up the deficit, you have to make choices – close loopholes, eliminate deductions, raise taxes somewhere else, or cut spending. Republican leaders in Congress appear unwilling to make any of those hard choices.

The federal debt topped $20 trillion in September. Projections are that it will grow by another $10 trillion over the next decade. By 2030, if not sooner, the debt will be larger, as a percentage of GDP, than any time in our history except WWII. And Republican leaders in Congress want to increase the debt another $1.5 trillion, not to pay for defense; not to pay for emergency relief or infrastructure; but to give their corporations and wealthy individual donors a huge tax cut. Is this fiscal responsibility?

When I am elected to Congress, I will work -- with both Democrats and Republicans -- to pursue rational, realistic fiscal policy that will reduce our debt and benefit all Americans. Let's not be fooled by this current plan at tax reform.

I encourage everyone to contact your Congressional leaders in both the Senate and House, and ask them to oppose the budget-busting, debt-expanding tax plan currently being proposed by Congressional Republicans.

Committee to send George Scott to Congress
Powered by - Political Campaign Websites