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Statement from Michelle Surka, U.S. PIRG Tax and Budget Advocate:
"The U.S. House of Representatives passed the “Tax Cuts and Jobs Act” (H.R. 1) today, which would add $1.5 trillion to the national debt. Supporters pretend that the bill won’t increase the debt by relying on economic growth projections rejected by the vast majority of economists. That's either naive or reckless. Future generations may find their refusal to grapple with the ecological and other problems likely to result from a blind commitment to economic growth at any cost to be even more irresponsible.
"Tax reform should make the system fairer, which begins by eliminating tax loopholes that only serve to benefit special interests. Then, if there is a desire to pay for greater reductions in tax rates, there is considerable wasteful and inappropriate spending in the federal budget that could be cut to make that possible without driving up the debt and deficit. Cuts to existing tax rates could also be offset by other taxes that serve a useful purpose, such as a carbon tax.
Instead of pursuing any of these, or other policies for fiscally responsible tax reform, the House bill simply wishes away the major negative impact that it will have on the national debt."
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