A group of 15 young public office holders in Rhode Island, led by Treasurer Seth Magaziner, have sent an open letter to Congressman Kevin Brady, who serves as Chairman of the House Ways and Means Committee, regarding their concerns about the negative impact that the "Tax Cuts and Jobs Act", will have on younger Americans.
"This bill represents a massive tax increase on many young people in Rhode Island, while benefitting the wealthiest Americans and dramatically reducing taxes paid by corporations," state the signers.
The Millennial generation constitutes more than one quarter of our nation's population. H.R. 1, which was introduced by House Republicans, would penalize younger Americans by eliminating the deduction on student loan interest, taxing college and university endowments, eliminating the Rhode Island Housing first-time homebuyer tax credit, and raising interest rates on student loans.
The Republican tax plan is also projected to expand the federal deficit by $1.5 trillion over ten years due to massive tax cuts on corporations and by eliminating the estate tax on inheritances worth more than $5 million. This deficit will, undoubtedly, be paid for by future generations in the form of higher taxes and cuts to vital services.
The letter, which was copied to Rhode Island's congressional delegation, ends with a call for fairness in the tax code: "While we agree on the need for common-sense tax reform, H.R. 1 is short-sighted and unsustainable. We urge Congress to reject this proposal in its current form, and fight for fair tax treatment for all Americans - regardless of age".
Signers of the letter include:
Seth M. Magaziner - General Treasurer, State of Rhode Island
Adam J. Satchell - Rhode Island State Senator (District 9)
Ryan W. Pearson - Rhode Island State Senator (District 19)
J. Aaron Regunberg - Rhode Island State Representative (District 4)
Joseph J. Solomon, Jr. - Rhode Island State Representative (District 22)
Evan P. Shanley - Rhode Island State Representative (District 24)
Shelby Maldonado - Rhode Island State Representative (District 56)
Katherine S. Kazarian - Rhode Island State Representative (District 63)
James A. Diossa - Mayor, Central Falls, RI
Thomas W. Kane - Town Councilor, Cumberland, RI
Kellie DiPalma Simeone - School Committee Chair, Middletown, RI
Sandra Cano - City Councilor, Pawtucket, RI
Meghan E. Kallman - City Councilor, Pawtucket, RI
Andrew V. Kelly - School Committee Member, Portsmouth, RI
Jeremy Rix, Esq. - City Councilor, Warwick, RI
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