With No Evidence That #GOPTaxScam Has Benefited Most Americans, Republicans Unveil Plan to Double Down on Corporate Tax Cuts
September 19, 2020 | News | No Comments
Despite the profound unpopularity of the Republican Party’s tax law, pushed through last December amid loud protests directed at President Donald Trump and GOP lawmakers, party leaders on Tuesday unveiled framework for their “tax cuts 2.0” package—signaling that they are doubling down on their plans to benefit the rich at the expense of working Americans.
The framework, which House Ways and Means Committee Chairman Kevin Brady (R-Texas) released, claims that it would permanently extend tax cuts for individuals that were set to expire in 2025, help families to save for college, and help small businesses create retirement plans for their workers.
The plan will “build on the growing successes of the Tax Cuts and Jobs Act and ensure this energized economy continues moving forward,” said Brady.
Critics pushed back against the notion that the Republican tax law has “energized” the economy and created “successes” to build on.
“The new line from Republicans in Congress is that Americans are ‘better off’ because of last year’s tax cut, so we have to extend it,” said Morris Pearl, a former managing director at Blackrock and chair of Patriotic Millionaires. “Well, some Americans are better off—people like me who are wealthy enough to not need work—but most Americans are still struggling. The first round of tax cuts was overwhelmingly skewed towards rewarding wealthy GOP donors rather than helping the middle class, and this second pass will be just as bad.”
As Brady, House Speaker Paul Ryan (R-Wis.), and Trump did last fall as they promoted their earlier tax plan, the framework released on Tuesday portrays the proposal as being beneficial for working Americans, with promises of “family-friendly savings plans” and the ability to grow “brand-new entrepreneurs.”
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