WASHINGTON, D.C. – Today, the top Republican on the House Ways and Means Committee Kevin Brady (R-TX) joined FOX Business’ “Varney & Co.”
Stuart and the GOP’s chief tax writer discussed a recent report from the U.S. Treasury Inspector General for Tax Administration (TIGTA) regarding the limit placed on the state and local tax deduction (SALT) as part of the Tax Cuts and Jobs Act, as well as House Democrat’s recent “Medicare for All” proposal, which aims to kick 158 million Americans off their private health insurance plans.
When asked about the report from TIGTA regarding SALT, Rep. Brady said our new tax code is growing our economy – including in high-tax states like California. But if those states wish to remain competitive in this booming economy, they must lower their brutally high taxes.
“New York, New Jersey, California, and Illinois – these are fantastic states. But they brutally tax their workers. And as we now know from a new study, New York has lost $100 billion in wealth over the last 20 years because they’re chasing jobs and people out of the state. All this new tax code did was pull back the curtain so those high taxes weren’t hidden anymore. These states are growing, fantastic economies, they’re getting more revenue, but unless they lower those brutally high taxes, they’re going to see more people leave. They’re going to see less wealth in their states. They really do need to address this.”
“This country is very mobile, you’re seeing young people, millennials leaving New York, New Jersey, Illinois despite strong economic climates because it’s just almost unlivable in some of these fantastic cities to live – especially middle-class families, as well. So I will tell you, I think the new tax code, at the end of the day, is really going to drive taxes overtime down in these states because they’re such outliers.”
Dems Plan to Eliminate Private Health Insurance
Rep. Brady and Varney also discussed the health care proposal rolled out by House Democrats yesterday, which, according to the nonpartisan Congressional Budget Office, would jeopardize the private health care plans of 158 million Americans.
“It wipes out all those private plans. For most Americans, that’s where we get our good health care – at work. It takes that away.”
“But it goes even further: it takes away the Children’s Health Insurance Program, takes away a number of other very good programs that provide health care. . . . And of course it would require doubling all taxes in America just to get a shot at paying for it, I don’t think it’s the health care people deserve.”
“We must do something to lower out-of-pocket health care costs. That’s where Republicans and Democrats on the Ways and Means Committee are working together on to lower drug prices, for example. But boy, this is not the answer. And if you think here: Washington can’t keep its doors open, so you’re going to put them in charge of your personal health care? Everyone in America is going to be without a recourse, without another choice to be had. I think Americans are going to reject this is a big way.”