STATEMENT: Voting for More Tax Cuts for the Rich Shows House GOP’s Blatant Disregard for Working Families
FOR IMMEDIATE RELEASE:
Friday, September 28, 2018
WASHINGTON, D.C. — Following House Republicans’ vote on a second round of tax cuts for the rich, Not One Penny spokesperson Ryan Thomas released the following statement:
“We have rallied in the rain and marched through the streets to speak out against Republicans’ disastrous tax policies—and, despite the GOP’s own polling telling them their first tax law is still wildly unpopular, they’ve refused to listen.
“The American people are already paying too high a price for the GOP’s blatant disregard for our families and our economy. This is yet another shameful tax law that would swindle working families and siphon even more funding from the programs that help our communities thrive—all in order to give more tax breaks to millionaires and billionaires and wealthy corporations.
“Today’s vote is yet another call for us to end the culture of corruption endemic in the Republican Party. The GOP believes they can continue to put the wants of the wealthiest people and corporations above the needs of the American people—but the American people are watching and we will hold them accountable.”
Additional Background on Tax Scam 2.0:
According to the Tax Policy Center analysis, the so-called “Protecting Family and Small Business Tax Cuts Act of 2018” will disproportionately benefit higher-income households. Other key findings include:
The bill gives 63 percent of the benefit to the wealthiest 20 percent of earners;
The new tax bill would cost $3.2 trillion in lost revenue from 2029 to 2038, which is in addition to the $631 billion it would cost between 2025 to 2028;
Taxpayers in the bottom quintile would see an average tax cut of $100 while the wealthiest 1 percent of taxpayers would see an average tax cut of $40,180; and
Roughly two-thirds of the top 0.1 percent of earners will get a tax cut averaging $405,730
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