This year’s Tax Day is a great time to remember that MAGA Republicans have put the ultra-wealthy and big corporations over working American families at every opportunity.
MAGA Republicans’ budget proposals could add over $3 trillion to the national debt with tax cuts and other giveaways skewed toward the extremely wealthy and large corporations.
Committee for a Responsible Federal Budget: “IRS Funding Repeal Could Cost Over $100 Billion, Encourage Tax Cheating”
Committee for a Responsible Federal Budget: “CBO estimates that extending the individual income and estate tax provisions that are set to expire after 2025 would cost $2.2 trillion through 2032; also extending business tax provisions that are set to expire or become less generous would increase the cost to $2.7 trillion.”
The Trump-Pence administration wasted no time doling out tax breaks and giveaways for the super-wealthy and corporations — and while in Congress, 2024 hopefuls like Tim Scott and Kristi Noem not only voted in support of them, but Scott was a proud self-proclaimed “architect” of Trump’s tax law as well.
New York Times: “A new tax break that President Trump frequently touts as a boon to Black Americans and hard-hit communities is spurring relatively little job creation while disproportionately helping high-profit real estate projects and not small businesses, an extensive new study by the Urban Institute has found.”
Scott: “In 2017, I was one of the architects of reforming the personal side of the tax code.”
Roll Call vote, Tax Cuts and Jobs Act: “Noem – YEA”
And it’s more than just MAGA Republicans in Congress — many GOP 2024 presidential hopefuls pursued tax breaks for big corporations and the ultra-wealthy as governors, including DeSantis, Haley, Pence, and Youngkin.
Seeking Rents: “Last year, Florida Gov. Ron DeSantis and the Republican-controlled state Legislature teamed up to pass a pair of bills that made it easier for billionaires to hide their fortunes from the outside world — and from federal taxes.”
CNN Opinion: “Haley proposed a tax swap, a lowering of the top marginal income tax rate for the wealthiest South Carolinians in exchange for an increase in the gas fee that everyone pays.”
IndyStar: “Gov. Mike Pence on Tuesday signed into law a package of tax cuts for business that would give Indiana one of the nation’s lowest corporate tax rates. Senate Bill 1 would reduce the corporate income tax to 4.9 percent from 6.5 percent by 2021, making it the second-lowest in the country.”
Richmond Times-Dispatch: “Youngkin seeks additional $1 billion in individual, corporate tax cuts”
“The governor’s new tax plan would lower the top individual income tax rate from 5.75% to 5.5%, despite a recent state study that recommended moving in the opposite direction to make the state’s income tax system fairer to Virginians who pay a higher share of their income in taxes than the wealthiest taxpayers.”
“The governor wants to provide tax relief to businesses by cutting the corporate income tax rate from 6% to 5%.”
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