MAGA Tax Plan Harms Families to Benefit the Wealthy

For four months, House Republicans held the economy hostage and forced harmful cuts to crucial programs over their concern for the federal deficit. Switching gears today, they released a plan to renew three expired provisions of 2017 Trump-era corporate tax breaks — provisions that would “almost certainly” increase the national deficit to the tune of $600 billion over the next decade. Once again, Republicans seek to lessen costs for their wealthy donors at the expense of millions of working Americans. Their proposal would give away nearly half of the $1.3 trillion saved by cuts to social spending to wealthy corporations.

“If House Republicans were actually serious about the deficit, they would demand wealthy corporations pay their fair share in taxes,” said Liz Zelnick, Director Of Accountable.US’ Economic Security & Corporate Power. “Instead, they’re giving billions in wasteful tax giveaways to greedy corporations, instead of making critical investments in American families and communities.””

Importantly, “not a penny” of the Trump administration’s 2017 tax cuts benefited any American in the bottom 90 percent of income distribution. Today, half of corporate stock is held by the wealthiest 1% of Americans. These cuts come as corporate profits across industries hit a record high.