Peterson Statement on the Republican Tax Bill

Nov 17, 2017 Issues: Tax Reform

Congressman Collin C. Peterson made the following statement after House passage of the Republican tax bill.

“I support making the corporate tax rate more competitive internationally and simplifying our system. However, eliminating a number of provisions like those that help families who have large medical bills due to cancer or Alzheimer’s, or those that help people struggling to pay off their student loans in order to pay for the corporate reduction is not fair and not needed given we end up with a large increase in the national debt anyway.  

“While this bill claims to make taxes simpler for many individuals by increasing the standard deduction, the elimination of personal exemptions makes the increase very small. It will also create a more complicated system for pass through entities that I believe will be abused and spawn tax shelter businesses. We can lower the corporate tax rate, but shouldn’t do it at the expense of individual deductions, or the elimination of Sec. 199 for coops, or the wind power credit.

“A significant number of individual taxpayers will see major increases in their tax bill while adding at least $1.5 trillion to the deficit. Corporate rates can be reduced without sticking future generations with this added debt. I cannot in good conscience support a bill that drives up our deficit and will increase taxes on thousands of Minnesotans.”