Higgins' Challenger "Disgusted" by His Support for Pro-Wall Street, Anti-Family Tax Proposal
LAKE CHARLES, LA - A newly released tax proposal in Washington D.C. would cause a massive tax hike for the middle class families in Louisiana's third congressional district, but Rep. Clay Higgins committed to the plan before he even saw it. Dr. Phillip Conner of Lake Charles has announced his plans to challenge Higgins in the 2018 election.
Major outlets report that big banks like Wells Fargo and Goldman Sachs would save a combined $12 billion per year under the tax plan released last week. Wells Fargo was caught opening more than 2.1 million unauthorized accounts, leading to public scandal and a Congressional investigation, and Goldman Sachs was fined $5 billion for its role in the 2008 financial crisis.
"I'm disgusted that our Congressman is supporting this plan that will enrich big Wall Street banks like Wells Fargo, while hurting Acadiana families," said Conner. "The bill would increase the federal deficit by $1.5 trillion while hurting middle-class families and giving away trillions to corporations who send American jobs overseas. We need tax reform that prioritizes our people here in Acadiana, not rich CEOs."
The Wall Street Journal has panned the plan as favoring the rich and hurting middle-class families.
Citing a provision of the bill that would eliminate the federal tax credit for adoption, Dr. Conner said, "After reviewing the plan, it's very clear to me that it doesn't respect Louisiana families or the values we hold dear here in Acadiana."
Third Congressional District voters elect a new Representative one year from today, Nov 6, 2018. For more about Dr. Conner and his candidacy, click here.
- It would increase the federal deficit by $1.5 trillion.
- 80% of its total tax "cuts" go to top 1% households, cutting taxes for the super rich by more than 200,000 a year in 2027.
- It eliminates the federal credit for adoption, which will disincentivize adoption and disrespect family values.
- It encourages large corporations to send jobs overseas since, under the plan, corporations will no longer pay taxes on overseas profits.
- 86% of all small businesses would not qualify for the "business tax cuts" in the plan - the cuts benefit multinational corporations and their CEO's, instead.
- The plan expands the Child Tax Credit for some, but cuts eligibility for more than 3 million families who need it most.
- It hits states with ongoing budget issues, like Louisiana, particularly hard because tax payer behaviors relating to changes like eliminating both the state income tax deduction and the deduction for state property taxes will be unpredictable.
- Some provisions that are beneficial are set to sunset in a few years, like the credit for non-child dependents of $300.
- The bill would cripple families who are just starting out, by eliminating the deduction for student loan interest.
- Eliminates deduction for classroom supplies purchased by teachers.