Cantwell Statement on Senate Finance Committee Passage of Republican Tax Bill
WASHINGTON, D.C. – Today, Republicans forced a highly partisan and much-maligned attempt at tax reform through the U.S. Senate Finance Committee. Senator Maria Cantwell (D-WA) released the following statement in response to the bill’s passage through the committee. The legislation will now proceed to the Senate floor for a vote before the entire body.
“The Senate tax bill has loopholes for big oil without fixing problems like provisions that make affordable housing more expensive. Too many Washington families will be negatively affected by losing local sales tax and property deductions,” said Senator Cantwell.
The Finance Committee considered 3 of Senator Cantwell’s amendments to the legislation:
- Increasing Affordable Housing for Working Families: Sen. Cantwell’s amendment would seek to minimize the damage done to the LIHTC credit, the program responsible for 90% of the new affordable housing units built in America. The amendment addresses changes that would discourage investment by foreign banks in affordable housing in America through the Base Erosion and Anti-Abuse Act. Left unaddressed, it is estimated that the changes made in versions of the Republican tax plans would leave 1 million planned affordable housing units unbuilt. Republicans voted down the amendment on a party line vote, 14-12.
- Closing Loopholes for Foreign Oil Revenue: Sen. Cantwell’s amendment would close a new loophole created by the Republican tax plan that allows multinational corporations to escape any taxation on foreign oil revenue. The existing legislation contains provisions that aim to prevent companies from shielding their highly mobile income, like intellectual property, by moving that profit to tax havens. Cantwell’s amendment would apply those same restrictions to foreign oil revenue, another highly mobile income. Republicans voted down the amendment on a party line vote 14-12.
- Protecting Washingtonians from Double-Taxation: Sen. Cantwell’s amendment would restore the ability of 1 million Washingtonians to deduct their state and local taxes. Without the amendment, significant damage will be wrought on the nation’s housing market and almost a third of Washington families would see their taxes rise as a direct result. Republicans voted down the amendment on a party line vote, 14-12.
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