Senate Democrats: Republican Tax Plan Would Have Devastating Impact on Connecticut’s Middle Class, Homeowners and Housing Market

Senate President Pro Tempore Martin Looney (D-New Haven), Senate Majority Leader Bob Duff (D-Norwalk), members of the Senate Democratic Caucus and Connecticut realtors today highlighted the Republican Tax Plan and its devastating impact, including tax increases on the middle class and damage to home values.

“The Republican tax plan would be a catastrophe for Connecticut,” said Senator Looney. “The national Republican tax plan gives huge handouts to the super-rich, while Connecticut residents will be forced to pick up the bill. It is estimated that more than 300,000 Connecticut households will see a tax increase under the GOP’s plan.”

“This Thanksgiving, Republicans in Congress are serving up tax increases for Connecticut’s middle-class and homeowners,” said Senator Duff. “The Republican tax plan all but eliminates tax incentives for homeownership at a time when the market is strong and when we are seeing multiple buyers bid on a property. There is no surer way to slam the door on a hot real estate market than passing the Republican tax plan.”

Connecticut REALTORS President Michael Barbaro said, “Connecticut REALTORS are very concerned over the proposed GOP tax reform bills in the U.S. Congress. Due to the high costs of purchasing a home and property taxes in our state, Connecticut will be impacted particularly hard. Removing or even reducing tax incentives critical to home ownership such as the mortgage interest deduction and the property tax deductions will have an immediate negative impact on our real estate market.”

Barbaro continued, “These changes can also decrease home values; this will drive many existing homeowners further underwater. Along with the National Association of REALTORS, we remain steadfast in our opposition to any taxation that furthers harms real estate.”

“This plan cuts deep into the pockets of Connecticut residents, including middle class families, students who want to attend college, seniors on Medicare, and the disabled, just to name a few,” said Senator Tim Larson (D-East Hartford). “We’re here today to speak up on behalf of the people of our state stand against the Republican tax plan in Washington.”

Additionally, Republicans in the United State Senate have included provision in their version of the bill to repeal the Affordable Care Act’s individual mandate and increase the number of uninsured Americans by 13 million.

“The Republican tax plan being considered in Washington is going to make health care more expensive for many middle-class families, while simultaneously raising taxes on them so they have less money with which to pay those increased medical bills,” said Senator Terry Gerratana (D-New Britain. “This so-called tax reform is nothing but a gift for the wealthiest one percent, financed by middle-class and working families in Connecticut and around the country. Washington Republicans should reject this plan, go back to the drawing board and work on a bipartisan basis like we did here in Connecticut.”

The United States House of Representatives voted last week 227-205 to approve the Republican Tax Plan with 13 Republicans joining every Democrat in voting against it. The United States Senate is considering its own version.

“I represent a very economically diverse district. But this plan manages to hurt people on all sides of the economic scale whether they are from Bridgeport, Trumbull, or Monroe,” said Senator Marilyn Moore (D-Bridgeport). “By gutting the state and local tax deductions, Connecticut homeowners making between $50,000 and $200,000 would pay 14 percent more in taxes under the republican plan. It hurts seniors by slashing tax credits for people retired on disability. It eliminates work opportunity credits for veterans and youth. To me, it looks like Republicans are not interested in doing what’s best for the working people of our state. They just want to protect the wealthiest among us.”

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