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John,
The House Ways and Means Committee is making changes to the Republican tax plan today before they vote it out of committee and send it to the full House for a vote. As the bill currently stands, it’s chock-full of corporate tax handouts that benefit the richest 1%.
While Republicans claim these corporate tax handouts would cost just $80 billion, their ultimate goal is to make the bill permanent, which the Committee for a Responsible Federal Budget estimates would cost more than $1.1 trillion over the next decade.[1]
Sign the petition to the House Ways and Means Committee now and we’ll deliver your signature before they meet this morning. Demand Congress reject even more tax handouts to the richest 1% and corporations and instead make the wealthy pay their fair share.
Two of the largest corporate tax handouts being pushed by House conservatives are “research expensing,” which would cost at least $36 billion in 2024 alone and subsidize a corporation like Netflix that has paid a federal corporate income tax of less than 1% for the last four years.[2]
Another is known as “bonus depreciation,” which would cost more than $28 billion in 2024 and would allow corporations to deduct the full cost of equipment the year it was purchased rather than spread out over the equipment’s lifetime. While bonus depreciation is supposed to encourage investment, it really just helps large corporations like Verizon, Amazon, and Bank of America dodge their fair share of taxes.
Add your name to demand the House Ways and Means Committee reject even more tax handouts for the richest 1% and corporations and demand, instead, that the wealthy start paying their fair share in taxes.
I will deliver your signature to the Republican Chair of the Committee and the Democratic ranking member before they meet today.
Thank you for taking action today,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “W&M Tax Bill Would Cost Over $1 Trillion if Made Permanent,” Committee for a Responsible Federal Budget, June 9, 2023
[2] “Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help,” Institute on Taxation and Economic Policy, June 11, 2023
-- David's email --
John,
GOP tax-writers in the House of Representatives will be trying to rush three bills through committee tomorrow to cut taxes on rich Americans and foreign investors.
The Republican tax package would cut the average tax bill of the richest 1% of Americans by over $16,000 next year. Our nation’s poorest fifth would get just $40. Meanwhile, foreign investors in American corporations would walk away with almost $24 billion in U.S. tax savings.[1]
We will share your signature with the House Ways and Means Committee before they meet tomorrow. Add your name now and demand the committee reject the Republican tax bill―which benefits the richest 1% and foreign investors―and instead raise taxes on the wealthy and corporations so they start paying their fair share.
Instead of giving more tax handouts to the rich and corporations, Congress should be helping working families by expanding the Child Tax Credit and ending the scandal of tax-free billionaires by enacting the Billionaire Minimum Income Tax proposed by President Biden.
Republicans plan to “pay for” their tax bill, at least partially, by revoking green energy tax credits from last year’s Inflation Reduction Act, which are meant to speed the U.S. transition away from fossil fuels and toward renewable energy sources to combat climate change. Many of us on the East Coast are still drying our eyes and clearing our throats from the Canadian wildfire smoke that blanketed the region just last week. Climate change contributes to bigger and more frequent wildfires and extreme weather events.
Add your name to demand Congress reject even more tax breaks for the rich and corporations in the newly-introduced Republican tax bills. We’ll deliver your signature to the House Ways and Means Committee before they meet tomorrow.
Together, we’re fighting back against a GOP tax plan that hands even more tax breaks to the richest 1% while leaving working families behind.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help,” Institute on Taxation and Economic Policy, June 11, 2023
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