John,
The House tax-writing committee has released portions of its tax-scam bill that the committee plans to vote on this week. An analysis by Americans for Tax Fairness shows that their tax cuts mostly for the wealthy would add at least $5.5 trillion to the national debt over 10 years―likely closer to $6 trillion if so-called “temporary” provisions are eventually made permanent, as is the clear GOP goal.
Twenty-five percent of the benefits will go straight to the top 1% while working families will get around $40 or $50 a year, enough for one cup of coffee a month.
The 2017 tax scam was Trump’s single largest legislative achievement from his first term, and it was so unpopular that it led to an electoral drubbing in the 2018 midterm elections.
We’re rallying the American people against a renewal of this tax scam, which would hand roughly $800 million to the richest 400 taxpayers each year.
Rush a donation today to fight back against the Trump Tax Law 2.0 and remind Congress how deeply unpopular this tax scam was just eight years ago.
Here’s a look at some of the most egregious aspects of the Trump Tax Law 2.0:
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Maintaining the Income Tax Bracket Rate Cut―$2.2 Trillion. The Yale Budget Lab estimates that nearly 25% of this tax break would go directly to the top 1%.
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Weakened Alternative Minimum Tax―$1.4 Trillion. ITEP estimates that 85% of the benefit is received by just the top 5% of households.
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Pass-Through Loophole―$700 Billion. The 1,000 highest-income tax filers (all with incomes over $85 million) received more than $3.5 billion collectively from the pass-through deduction in 2022 alone.
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100% Corporate Bonus Depreciation―$385 Billion. A dozen of the biggest beneficiaries, with combined reported profits of over $1 trillion, saw nearly $43 billion in tax savings over the first five years this tax loophole was in effect.
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Doubled Estate Tax Exemption―$211 Billion. An extension would benefit just the richest 0.2% of households, or just 2 out of every 1,000 American families.
The Republicans’ bill would be paid for by making massive cuts to Medicaid, nutrition for children, and other vital services.
With the tax scam being voted on in committee tomorrow and the full budget expected to get a vote next week, we’re rallying our allies against the Trump Tax Law 2.0. Rush a donation to fight back today!
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It’s up to us to remind the American people that this tax scam is a giveaway to the billionaire class, while everyday people get the bill. Thank you for fighting for an economy and a tax code that works for everyone, not just the wealthy few.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
