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John,
When Republicans passed the Trump tax cuts for the wealthy and corporations in 2017, they allowed the tax cuts for the wealthy to expire in 2025 for two reasons:
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To allow for massive PERMANENT tax cuts for corporations
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To reduce the overall cost of the tax cuts so the deficit didn’t INCREASE by more than $1.5 trillion
Now, House Republicans are coming back for a lot more, introducing legislation that would make the Trump tax cuts for the wealthy permanent.[1] The Tax Policy Center estimates this would add $3 trillion to the national debt over the next 10 years while heavily benefiting the nation’s richest households.[2]
At a time when Republicans are threatening deep cuts to Social Security, Medicare, Medicaid and other critical programs—citing the need to reduce federal deficits as the reason—it is outrageous that they would propose more tax cuts for the wealthy, which are key drivers of the federal debt.[3]
Add your name now to tell Congress to reject renewing Trump’s tax cuts for the wealthy. Instead of giving out even more handouts for millionaires and billionaires, Congress should be making the rich and corporations pay their fair share of taxes so we can strengthen Social Security, Medicare, Medicaid and other critical services that benefit working families.
Tax Policy Center research shows that the richest 0.1% with incomes over $4.5 million would get an average tax cut of $175,000 in the first year if the Trump tax cuts are renewed. Those with incomes over $1 million would get almost a $50,000 tax cut.[4]
However, more than one-half of taxpayers―100 million households making less than $75,000 a year―would get an average tax cut of just $340 a year. That’s less than $1 a day! Households making under $50,000 a year would get a tax cut of less than $200―about 50 cents a day!
Renewing the Trump-GOP tax cuts would explode the national debt by $3 trillion thereby threatening Social Security, Medicare, Medicaid and other critical services that benefit working families.
Click here to add your name and tell Congress to reject even more tax handouts for the wealthy, which add to our national debt and threaten critical programs for working families.
Together, we’re fighting for an economy and a tax system that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “’Absolute Hypocrisy’: GOP Unveils Bill to Make Trump Tax Cuts Permanent While Howling About Debt,” Common Dreams, Feb. 16, 2023
[2] “Making The TCJA’s Individual Tax Cuts Permanent Would Add More than $3 Trillion To The Federal Debt, Mostly Benefit High-Income Households,” Tax Policy Center, Nov. 30, 2022
[3] “The Debt Limit and Fiscal Restraint,” House Republicans, Budget Committee, Feb. 8, 2023
[4] https://docs.google.com/spreadsheets/d/1bUqeUFEp0ylTvw31FHJnHaYyohu6gG8VjgS-LL-gkQc/edit?pli=1#gid=0
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