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John,
House Republicans are gearing up for a full-scale assault on the middle class by threatening to make the 2017 Trump tax cuts permanent through an extension of provisions that overwhelmingly benefit households making over $400,000 a year.
If the GOP succeeds, it could add a staggering $5 trillion to our national debt by 2028.[1] This comes on top of the $2 trillion the law is already adding in its first decade.
Every dollar given away in Trump’s tax cuts to the wealthy and corporations is a dollar not invested in our schools, our infrastructure, our healthcare system, and our social safety net.
Now that the House Ways and Means Committee has launched a comment portal seeking public input on extending Trump’s tax cuts, we're calling for the committee to let the tax cuts for households making over $400,000 expire as scheduled. We also want them to raise the corporate tax rate, close offshore tax loopholes, and expand tax credits that benefit working families.
Congress needs to understand that extending these tax cuts would be disastrous for our economy and working families. Instead of extending cuts for the wealthy, we should be focusing on reforms that help everyday working people.
The Ways and Means Committee needs to know that Americans won't stand for another handout to the rich. Submit your comment now and tell them to reject any extension of the Trump-GOP tax cuts.
When we look at the long-term effects of trickle-down policies, including the Bush tax cuts from earlier this century, their bipartisan extensions, and the Trump tax cuts, the picture becomes even more alarming. These tax cuts have altogether cost the nation $10 trillion in lost revenue.[2]
The consequences are clear. Next year, the highest-income 1% of households, those with incomes over $830,000 a year, will get an average tax cut of over $60,000 while middle-class families making between $50,000-$90,000 a year will get, on average, less than $3 a day.[3]
The 2017 Trump-GOP tax law slashed the corporate tax rate from 35% to 21%, promising it would lead to higher wages and more jobs. Instead, it unleashed a flood of stock buybacks and dividend payments that overwhelmingly benefited wealthy shareholders, including a big chunk of foreign investors.
We're at a critical point. If we don't act now, these regressive tax policies could become entrenched for generations to come. The choice is clear: do we want a tax system that works for all Americans, or one that further enriches the already wealthy?
Tell the House Ways and Means Committee: No more tax giveaways to the wealthy and corporations. We need a tax system that works for all of us, not just the privileged few.
Together, we can build a fairer economy for everyone.
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
[1] CBO: Extending Trump Tax Cuts Will Cost Nearly $5 Trillion
[2] Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio
[3] The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises
-- David's email --
John,
Republicans in the House Ways and Means Committee are soliciting comments in an effort to extend the 2017 Trump-GOP tax scam, a plan that lavishes billions on the rich and big corporations while threatening to cut Social Security, Medicare, and other vital services while adding trillions to our national debt.
The 2017 Trump-GOP tax cuts were a scam from the start, promising economic growth and higher wages but delivering neither. The law slashed the corporate tax rate from 35% to 21%, costing an estimated $1.3 trillion in lost revenue over 10 years.[1] It cut the top individual tax rate from 39.6% to 37%, allowing a household with an income of $2.5 million to get a $64,000 tax cut annually.[2]
Republicans in Congress are already using the debt created by these tax cuts as an excuse to propose slashing funding for Social Security, Medicare, child care, education, nutrition, and housing, all while lining the pockets of the ultra-wealthy and big corporations.
We need Congress to focus on tax policies that actually benefit working people. Instead of extending these unfair cuts that mostly benefit the wealthy, members should be working to raise taxes on the richest households and most profitable corporations— some of which now sometimes pay nothing—and to expand refundable tax credits like the Child Tax Credit and Earned Income Tax Credit, which provide real help to working families.
It's time to make your voice heard. Submit your comment to the House Ways and Means Committee telling them to let the 2017 Trump-GOP tax breaks expire and support meaningful tax reforms that benefit everyone.
The Republican plan to extend these tax cuts is a direct assault on our economic future. They claim it's about growth, but the evidence tells a different story. From 2018 to 2022, 280 of the nation's largest corporations funneled an astonishing $4.4 trillion into stock buybacks and dividend payments, seven times more than they paid in federal taxes.[3]
The so-called "pass-through" loophole has allowed just seven billionaires to cut their collective taxes by almost $200 million in a single year.[4] This is money that could have been used to fund public services that benefit all Americans.
Instead of these giveaways to the wealthy, we need real tax reform. We should raise the corporate tax rate and close loopholes that allow big companies to shift profits offshore. We need to create special taxes on billionaires who too often pay little in taxes, ensuring that the wealthiest among us pay their fair share.
By letting the temporary provisions benefiting households with over $400,000 in annual income expire as scheduled, and raising taxes on the rich and big corporations, we could raise trillions in revenue. This money could fund necessary public services, cut the deficit, and allow us to invest in working people and communities.
Your voice is crucial in this fight. Tell the House Ways and Means Committee: Let the unfair Trump tax cuts expire. Focus on tax reforms that help working families, not millionaires and billionaires.
Together, we can build a tax system that works for all of us, not just the privileged few.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] ESTIMATED BUDGET EFFECTS OF THE CONFERENCE AGREEMENT FOR H.R. 1, THE "TAX CUTS AND JOBS ACT"
[2] Individual Income Tax Shares, Tax Year 2021
[3] Engine of Inequality: A Flood of Corporate Profits Is Enriching Wealthy Shareholders
[4] Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut”
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