Mayor Paul Soglin criticized a comprehensive federal tax overhaul plan Thursday, saying it would have a “significant, adverse” impact on the Madison community, state of Wisconsin and the country.
Republican lawmakers introduced the proposed tax code rewrite Thursday, which outlines a $1.51 trillion plan that gives a tax cut to corporations and offers modest savings for most Americans.
Soglin said the changes will place greater burdens on families and individual taxpayers while companies benefit.
“It is very clear it is not tax reform in any way, shape, or form for the average resident of this community or for that matter throughout this country,” Soglin said.
The mayor also said that the federal government’s proposed changes reward states that are dependent on sales and property taxes and hurts states that depend on income taxes.
“This is not so much going to hurt city services as it is going to drain wealth out of our community and out of our state as we have to make up the loss of revenue to the federal government from the cuts that the wealthy are going to be getting and that the corporations are going to get,” Soglin said.
Wisconsin Assembly Republicans are also taking on tax reform in an effort leading up to the 2018 election and next year’s budget deliberations, the Wisconsin State Journal reported.
Soglin is not optimistic about the state’s plans.
“Now we’re not only fighting this on the national front but on the state front,” Soglin said. “We’re going to see the same thing happen.”