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December 02, 2017

King Statement on Senate Passage of Tax Bill

WASHINGTON, D.C. – U.S. Senator Angus King (I-Maine), a member of the Senate Budget Committee, released the following statement after the Senate passed its tax bill:

“Tonight, I’m disappointed, and I’m angry, because the American people deserve better. For months, moderates in the Senate reached across the aisle to colleagues – and friends – asking them to sit down and work together on a commonsense tax reform bill that supports hardworking Americans and fosters economic growth for businesses in Maine and across the country. In other words: to govern. But instead of digging in and doing the hard work, this Senate has decided to pass a bill that helps the few instead of the many, and shifts a massive financial burden onto our children. Rather than maximize this opportunity to help working Americans and set our nation on a path to further prosperity, this bill pushes through at least $1 trillion in unfunded tax cuts for the wealthy and for corporations. These cuts are not only misguided – they’re downright dangerous, and their effects will be felt by every aspect of our society, from the health of our economy to our national security interests.

“By rushing this legislation through the Senate with no hearings, no input from experts and no feedback from the American people, we’ve advanced a terrible bill that will have terrible consequences. If history is any guide, this will be the major tax reform bill of the next 20 to 30 years, affecting every business, every citizen, and our entire economy. I’m disappointed today – but I hope members of Congress will reconsider the chance to work across the aisle to make fixes to this deeply flawed piece of legislation, so we can mitigate the damage to everyday Americans.”

Senator King has consistently called for a responsible, balanced and long-term approach to addressing our national debt and deficit. On Thursday, he offered an amendment to refer the tax bill to the Finance Committee with instructions to create a deficit-neutral proposal. The amendment failed along party lines following more than an hour of debate and an unusually long voting period. In 2016, he was named a “Fiscal Hero” by the Campaign to Fix the Debt, a nonpartisan movement to put America on a better fiscal and economic path. 

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