Washington, D.C. – Senate Democratic Leader Chuck Schumer and Senate Finance Committee Ranking Member Ron Wyden released the following statement regarding the Paradise papers and the GOP tax plan:
“By failing to close the egregious loopholes outlined in the Paradise papers, the Republican plan rewards wealthy billionaires like Secretary Wilbur Ross for dodging taxes, while punishing many in the middle class with new tax hikes. If you deduct medical expenses or student loan interest from your taxable income, the Republican plan comes after your wallet. But if you stash your billions in secret bank accounts overseas, their plan gives you the green light to keep doing what you’ve been doing.
“The revelations in the Paradise papers are proof positive that the Republican tax plan favors the wealthy and betrays the middle class in this country, who are the ones left carrying the financial burden of massive corporate tax avoidance.
“Republicans should scrap their partisan plan once and for all and work in a bipartisan way to produce a real tax reform bill that benefits workers and middle-class families, not multinational corporations and Wall Street billionaires.”