Magaziner leads young elected Democrats in letter against GOP tax bill

Seth Magaziner
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Noting that the Millennial generation constitutes more than one quarter of our nation’s population, Rhode Island State Treasurer Seth Magaziner and 15 young elected officials have sent an open letter to United States Representative Kevin Brady, who serves as Chairman of the House Ways and Means Committee, regarding their concerns about the negative impact that HR 1, 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 signers of the letter write that 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 deficit caused by the bill is 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 be paid for by future generations in the form of higher taxes and cuts to vital services say the signers.

The letter ends with a call for fairness in the tax code: “While we agree on the need for common-sense tax reform, HR 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 Magaziner
General Treasurer, State of Rhode Island

Adam Satchell
Rhode Island State Senator (District 9)

Ryan Pearson
Rhode Island State Senator (District 19)

Aaron Regunberg
Rhode Island State Representative (District 4)

Joseph Solomon, Jr.
Rhode Island State Representative (District 22)

Evan Shanley
Rhode Island State Representative (District 24)

Shelby Maldonado
Rhode Island State Representative (District 56)

Katherine Kazarian
Rhode Island State Representative (District 63)

James Diossa
Mayor, Central Falls, RI

Thomas Kane
Town Councilor, Cumberland, RI

Kellie DiPalma Simeone
School Committee Chair, Middletown, RI

Sandra Cano
City Councilor, Pawtucket, RI

Meghan Kallman
City Councilor, Pawtucket, RI

Andrew Kelly
School Committee Member, Portsmouth, RI

Jeremy Rix, Esq.
City Councilor, Warwick, RI

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About Steve Ahlquist 1084 Articles
Steve Ahlquist is a frontline reporter in Rhode Island. He has covered human rights, social justice, progressive politics and environmental news for half a decade.Uprise RI is his new project, and he's doing all he can to make it essential