Stabenow Statement on Republican Tax Proposal

U.S. Senator Debbie Stabenow (D-MI), senior member of the Senate Finance Committee, released a statement on the Republican tax proposal: 

“Our tax code shouldn’t be so complicated that you need to buy a computer program or hire an accountant to file your taxes.  I support reform that simplifies our tax code, puts more money back into the pockets of hardworking families, helps small businesses, and spurs job creation in Michigan.  I am concerned that today’s proposal would give most of the benefits to those at the top and would take away important tax incentives for Michigan manufacturers.  As we work on reform in the coming months, the bottom line for me is that any reform must be bipartisan, help Michigan families and create Michigan jobs.”

Stabenow is the author of the Bring Jobs Home Act of 2017 that ends a loophole that gives a tax break to companies that send jobs overseas.  Senator Stabenow first introduced this legislation in 2012, and in every Congress since, but Senate Republicans have repeatedly blocked it.

Stabenow also introduced the Growing Small Businesses Act earlier this year, which would provide a tax cut to a small business getting started or planning to grow and expand.  The bill provides a 25 percent tax credit for the cost of buildings and equipment for a business’s first commercial production facility.