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As Republicans Consider More Tax Cuts For the Rich, Current GOP Tax Law Continues To Enrich Wealthy Corporate Interests

FOR IMMEDIATE RELEASE:
Thursday, September 13, 2018

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WASHINGTON, D.C. —Today, the Ways and Means committee held a hearing to consider yet another round of tax cuts for the wealthy. Republicans recently introduced a new bill to give another $1.5 trillion in tax cuts to the richest 5% of Americans on top of the nearly $800 billion they gave to the wealthy the first time around. Coverage of the first Republican tax law reveals troubling indicators for working families as Republicans push even more tax cuts for the wealthy and well-connected:

  • A new analysis by the Center for American Progress shows the new Republican tax measure would, in its first year, give more than $40B to the top 1 percent, or enough to buy more than 13,000 new yachts.

  • A new analysis by the Tax Policy Center shows taxpayers in the bottom quintile would see an average tax cut of $100, while taxpayers in the top 1 percent would see an average tax cut of $40,180.

See coverage below:

Huffington Post: Republicans Line Up Tax Cut Messaging Bill While Abandoning Tax Cut Message

  • Huffington Post: “According to data compiled by Kantar Media/CMAG for HuffPost, just under 12 percent of all GOP TV ads have mentioned the new tax bill so far this year. That’s out of 396,607 TV spots that have aired this year ― a total of 1,039 individual ads. The supposed centerpiece of the GOP’s agenda is merely a footnote.”

Wall Street Journal: Tax Change Helps Executives Afford Pricier Planes

  • Wall Street Journal: “The recent changes to the tax code are giving business executives a new perk: the opportunity to deduct the entirety of a corporate-jet purchase. President Trump signed more than 100 changes to the U.S. tax code into law at the end of last year. Among them: The price of a new or used airplane purchased by a company can be a 100% write-off against its earnings.”

Bloomberg: Citigroup Says Lower Taxes, Job Cuts Will Boost Profitability

  • Bloomberg: “Citigroup Inc. has found a path to higher profits: tax cuts and job cuts. The bank on Wednesday raised its forecasts for profitability and expense reductions, facing down skeptics who have doubted the firm can achieve its financial targets.”

Vox: The GOP tax cuts aren’t popular, so Republicans want to do more of them

  • Vox: “According to the estimates from the CBPP, the proposal would cut taxes by about $32,000 for the richest 1 percent of households and reduce them by $340 for the bottom 60 percent. And the Joint Committee on Taxation estimates that the extension bill would cost $650 billion from 2019 to 2028.”

Washington Post: New estimate: GOP’s second tax cuts would add $3.8 trillion to deficit

  • Washington Post: “A second round of Republican tax cuts would add an additional $3.2 trillion to the federal deficit over a decade, according to a new report released by a centrist think-tank. … The second round of cuts would cost $631 billion before 2028 and an additional $3.15 trillion in the decade after that, according to the Tax Policy Center.”

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