Republicans on the House's chief tax-writing committee made clear during a
hearing Tuesday that their top priority is making permanent the massive giveaway to the rich that
Donald Trump and the GOP pushed through in 2017.
Smith characterized the 2017 tax cuts as a boon for ordinary Americans, but the law's benefits were
heavily skewed to the wealthiest.
The same would be true of an extension of the individual tax cuts, which is expected to be part of a
sprawling party-line reconciliation bill. The Institute on Taxation and Economic Policy
noted in a recent analysis that "Trump's plan to make most of the temporary provisions of his 2017 tax law permanent would disproportionately benefit the richest Americans."
"No amount of misinformation can hide the truth: This massive new giveaway to the ultra-wealthy and giant corporations comes at the expense of working and middle-class Americans."
Rep. Richard Neal (D-Mass.), the top Democrat on the committee,
said at Tuesday's hearing that "when Republicans inevitably tell you that the GOP tax scam gave everyone in America a tax break, remember this one contextualized fact: Extending the law gives people making over $1 million a year a $78,717 average tax cut—288 times higher than the $273 those earning under $50,000 would receive."
"Those millionaires won't feel the effects of cuts to Medicare or Medicaid, or higher premium costs, but America's working families sure will," Neal added, referring to the GOP's plan to slash
key aid programs to help offset the
enormous cost of extending the 2017 tax breaks.
"Last time Trump and the GOP held a trifecta, they moved fast to create new tax breaks rewarding wealthy corporations for moving jobs overseas and harming hard-working families across the country," David Kass, executive director of the progressive advocacy group Americans for Tax Fairness, said in a
statement Tuesday. "Now, they're working to pass new tax breaks that will allow these same powerful corporations to evade paying their fair share and eliminate American jobs."
"The disastrous effects of the Trump tax scam are not theoretical—they're reality," Kass added. "It didn't raise wages for everyday people or protect our jobs and it certainly didn't pay for itself. Instead, it doubled billionaire wealth and added over $1.5 trillion to the deficit.
Trump and the GOP's aggressive push for a new round of tax cuts received a boost from the
deep-pocketed Koch network, which is
pumping tens of millions of dollars into a nationwide campaign to build support for a proposal that would predominately reward a small sliver of the U.S. population.
"If asked to choose between healthcare and food for low-income kids or tax cuts for giant corporations, Chairman Jason Smith and the Republicans on the Ways and Means Committee are proving that ten times out of ten, they'll choose the corporate giants,"
said Tony Carrk, executive director of the watchdog group Accountable.US. "American families are set up to lose because President-elect Trump and his congressional allies are eager to raise our costs in order to help their wealthy donor friends."
Thank god! The wealth gap isn't nearly wide enough. Thanks trump!