John,
Remember the Trump-GOP tax scam from 2017? Now, House Republicans are back with the GOP Tax Scam 2.0.
This week, Republicans passed a tax package out of the Ways and Means Committee that hands billions of dollars in tax breaks to private equity firms, hugely profitable billion-dollar corporations, the richest 1%, and foreign investors.
What do working people get? The poorest fifth of Americans would get an average tax cut of just $40.
And, how do Republicans plan on paying for this massive handout to the rich and corporations? 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.
This package of bills now goes to the entire House for a vote and we’re fighting back! Click here to send a message to your representative and demand they oppose the GOP Tax Scam 2.0.
Here’s what the Biden administration had to say about the new Republican tax package:[1]
“The GOP Tax Scam 2.0 once again makes clear the House Republicans’ values: Their priority isn’t reducing the deficit, it’s giving handouts to rich special interests and corporations that make the debt even larger. Just weeks ago, House Republicans were demanding devastating cuts to programs that hard working Americans count on … Now they are proposing to spend hundreds of billions on tax breaks for big corporations, and they’re laying the groundwork to spend trillions on additional tax cuts skewed to the wealthy and big corporations.”
While Republicans claim these tax handouts would cost “just” $80 billion, their ultimate goal is to make the package permanent, which the Committee for a Responsible Federal Budget estimates would cost more than $1.1 trillion over the next decade.[2]
That $1.1 trillion is partially on top of the $3.5 trillion cost of extending the Trump cuts.[3] Taken together, the combined cost could be over $4 trillion—all heavily tilted toward the ultra-wealthy, billion-dollar corporations, and foreign investors.
Take action today and demand your representative oppose the GOP Tax Scam 2.0.
This tax package is just the opening battle of the longer war to further slash taxes on the ultra-wealthy and major corporations at the expense of everyone else.
Thank you for taking action today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “Statement from Press Secretary Karine Jean-Pierre on House Republicans’ Tax Scam 2.0,” The White House, June 9, 2023
[2] “W&M Tax Bill Would Cost Over $1 Trillion if Made Permanent,” Committee for a Responsible Federal Budget, June 9, 2023
[3] “CBO Finds Republican Tax Plan Would Add Trillions to National Debt; Make Working Families Pay for it by Slashing Their Services,” Americans for Tax Fairness, May 17, 2023
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