Mulvaney Inadvertently Explains the TrumpTax By Admitting GOP Congress Works for Lobbyists, Not the Middle Class
FOR IMMEDIATE RELEASE:
Wednesday, April 25, 2018
Washington, D.C. —Yesterday in front of bank executives, Mick Mulvaney touted the personal relationships he had with special interest lobbyists that supported him financially during his time in Congress. His comments should come as no surprise — we have heard this rhetoric before.
Behind closed doors, Mick Mulvaney sent a clear message to industry executives: the Trump Administration and Republicans in Congress are open for businesses. If wealthy donors and big corporations make a contribution, they’ll get their reward.
And we’ve already seen it with the TrumpTax – written by big corporations and rich donors to reward big corporations and rich donors. In fact, 83% of the TrumpTax benefits the richest 1% of people.
According to the Joint Committee on Taxation, a special TrumpTax provision gives $17 billion tax break to millionaires.
While banks made record profits, an analysis found that companies have used their savings from the TrumpTax to line the pockets of shareholders through dividend increases and stock buybacks.
Just last week, a report showed that because of the GOP tax bill, some of the nation’s largest banks saved $3.6 billion in taxes during the last quarter.
“Mulvaney simply admitted what everyone knows to be true – the GOP loves catering to the wishes of the wealthiest Americans. If you have something you need, all you need to do is become a donor,” said Not One Penny spokesperson Tim Hogan. “Donald Trump and Mick Mulvaney aren’t draining the swamp — they’re turning D.C. into a sewer.”