Another Day, Another Way the GOP Tax Scam is Failing
According to the nonpartisan Joint Committee on Taxation, the majority of the tax bill’s ‘pass-through deduction’ – which Republicans falsely claimed was a ‘small business’ tax cut – disproportionately goes to the wealthy:
- This year, about 44 percent of the benefits from the pass-through deduction goes to households with an income of more than $1 million.
- By 2024, more than 50 percent of the benefits from the pass-through deduction goes to households with an income of more than $1 million.
The GOP tax scam was rigged for the rich and against everyone else.
While “pass-throughs” is a term often used to refer to small businesses … 69 percent of pass-through income goes to the top one percent of households.
Pass-throughs in capital intensive industries like real estate, including the companies that make up the Trump Organization, would also be able to deduct more, and would benefit significantly from the bill.
Republicans must be held accountable for their irresponsible, debt-exploding tax scam that mortgages the future of seniors and working families in order to hand massive tax breaks to Wall Street, pharmaceutical companies, corporations shipping jobs overseas and the wealthiest 1 percent.
On every issue, Republicans are brazenly moving to further enrich their wealthy donors on the backs of children, seniors and families. It’s a Republican raw deal that the American people can’t afford. Democrats are fighting for the hard-working families who have been left out and left behind for too long. We will continue to press for A Better Deal for everyone.