Rep. Michael Capuano responded to the release of a proposed new Republican tax plan, a $1.51 trillion rewrite that would significantly cut taxes for corporations and modest savings for the middle-class that Capuano described as “hypocrisy on steroids.”
“I have this idea that maybe we should be fiscally responsible and pay for the things that we want,” Capuano said in an interview with Boston Public Radio Thursday. “However, that’s apparently not what we’re about to do, we’re about to make it worse.”
The House version contains two controversial issues that Capuano fears could have a negative impact on the economy: a partial repeal of the state and local tax deduction, which many lawmakers say would hurt their constituents who rely on the provision, and a measure that would limit Americans' abilities to use their 401(k)s for retirement.
“I don’t mind juicing up the economy when it’s necessary,” Capuano said. “When the economy took a hit, I thought the bailout that we did and the stimulus that we did, I didn’t like them, but I thought they were necessary at the time to maintain the economy … but the economy is doing okay at the moment!”
“At the moment, I don’t see the need,” Capuano continued. “The economy is doing well, the unemployment rate is amongst historic lows … in general, we’re doing okay. This is not necessary to goose up the economy, and I think we have other needs in our society that need to be addressed.”
To listen to Rep. Michael Capuano’s full interview with Boston Public Radio, click on the audio player above.
