Dem Rep. Tim Ryan seeks hearings on how GM used GOP tax-law savings

Dem Rep. Tim Ryan seeks hearings on how GM used GOP tax-law savings
© Greg Nash

Rep. Tim RyanTimothy (Tim) John RyanOvernight Energy: Top presidential candidates to skip second climate forum | Group sues for info on 'attempts to politicize' NOAA | Trump allows use of oil reserve after Saudi attacks Five top 2020 Democrats haven't committed to MSNBC climate forum Progressive tax-the-rich push gains momentum MORE (D-Ohio) is urging the leaders of the House Ways and Means Committee to hold hearings to examine how General Motors used its savings from the GOP tax law after the automaker announced Monday that it would lay off workers and close up to five North American plants.

"The American people deserve to know if the tax cuts they paid for are being used to inflate corporate profits at the expense of their economic security and the survival of American workers," Ryan, whose district includes a plant that is expected to close, wrote Monday in a letter to outgoing Ways and Means Committee Chairman Rep. Kevin BradyKevin Patrick BradyRepublicans pour cold water on Trump's term limit idea Republicans' rendezvous with reality — their plan is to cut Social Security The Social Security 2100 Act is critical for millennials and small business owners MORE (R-Texas).

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GM announced that it will lay off 15 percent of its corporate workforce and not allocate new products to plants in Michigan, Ohio, Maryland and Canada.

The announcement was blasted by lawmakers on both sides of the aisle, as well as by President TrumpDonald John TrumpBusiness, ballots and battling opioids: Why the Universal Postal Union benefits the US Sanders supporters cry foul over Working Families endorsement of Warren California poll: Biden, Sanders lead Democratic field; Harris takes fifth MORE.

Democrats and liberal groups, in particular, have been criticizing GM for announcing the layoffs and production halts after congressional Republicans passed tax-cut legislation last year that reduced taxes for GM and other companies. A key feature of the law is a reduction in the corporate tax rate from 35 percent to 21 percent.

"While President Trump and the Republican-led Congress promised the $1 trillion corporate tax cut would trickle-down to the average worker, we know instead that many corporations have used the tax cut to buy back their stock and increase CEO bonuses," Ryan said.

Ryan also addressed the letter to next year's likely chairman, Rep. Richard NealRichard Edmund NealTrump urges judge to deny New York's motion to dismiss state tax return lawsuit Ten notable Democrats who do not favor impeachment Trump probes threaten to overshadow Democrats' agenda MORE (D-Mass.), who currently serves as the panel's ranking member.

A spokeswoman for Neal said that he has expressed an intention to hold hearings on how the tax law has affected workers and middle-class families.