Dem lawmaker introducing bill to repeal GOP tax cuts

Rep. Jared Polis (D-Colo.) plans to introduce a bill Wednesday that would undo tax cuts passed late last year. 

The bill, titled the Students Over Special Interests Act, would repeal the GOP tax law and redirect the additional taxpayer money toward erasing student loan debt and improving college affordability.

It is the first piece of legislation that would entirely reverse the tax cuts passed last year.

“The Republican tax plan was all about special interests cashing in at the expense of everyone else. My plan shows what a difference we can make for middle-class Americans for even less cost,” Polis said in a statement obtained by The Hill.

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Polis is running for Colorado governor, and will leave Congress at the conclusion of this session.

His bill is unlikely to receive any serious consideration, as Republicans control both chambers of Congress. 

Business Insider first reported on Polis’s plans to introduce the bill.

Democrats have been transparent about their desire to undo the Republican tax cuts and redirect the funds elsewhere.

On Tuesday, Senate Minority Leader Charles Schumer (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) announced a proposal that would eliminate a tax cut for the top 1 percent of earners and use the new revenue to invest in raises for teachers. 

Republicans passed last year’s tax-cut legislation without a single Democratic vote. Democrats argued the bill disproportionately helped wealthy individuals and corporations. 

Republicans, meanwhile, have seized on Democrats’ pledge to reverse the tax cuts ahead of this year’s midterms, warning voters that they could lose their tax cut if Democrats retake control of Congress.  

–Naomi Jagoda contributed