On Friday in Jacksonville, Sen. Bill Nelson distilled his case against the latest Republican tax bill, the Tax Cuts and Jobs Act (TCJA)
While “it’s a start,” Nelson doesn’t see it as a finished product, and promises to file amendments in the Senate Finance Committee.
“It’s way out of kilter right now. It’s too much increase in the national debt and too many cuts to corporations and few cuts to hardworking families,” Nelson said.
“It’s a start, but it’s only a start,” Nelson said. “What it does is it triples the amount of cuts going to corporations [over] individuals.
“I don’t like that. I want to see balance … most of the tax cuts going to middle income folks,” Nelson said. “There’s going to have to be some tremendous revisions.”
The bill “gives over a trillion dollars of cuts to corporations,” Nelson said, and “increases the national debt by trillions of dollars.”
Per the analysis of the Joint Committee on Taxation, the bill would increase the federal deficit by almost $1.5 trillion over the next decade.
“We should be making it revenue-neutral,” Nelson said, “so that the tax cuts are offset by eliminating the tax loopholes so it doesn’t increase the national debt.”
“This thing’s got a long way to go,” Nelson added, “but this is the start. The question is how do you get it back to balance.”