STATEMENT: CAP’s Neera Tanden: Today Is a Good Day for Millionaires, Billionaires, and Wealthy Corporations—and a Bad Day for Everyone Else

Washington, D.C. — Neera Tanden, president and CEO of the Center for American Progress, released the following statement today after the House passed legislation that would give enormous tax breaks to millionaires, billionaires, and wealthy corporations.

Middle-class families, people with disabilities, students, seniors, and the faith community are just a few examples of those that will be hurt by President Donald Trump and House Republican leaders’ tax scam. Today is a good day for millionaires, billionaires, and wealthy corporations and a bad day for everyone else. In fact, 36 million middle- and working-class families will see tax increases under this bill. And the House has made clear that they are ready to use this tax bill to attack people’s health care, causing millions more to be uninsured; hiking premiums for the middle class; and cutting $25 billion from Medicare next year alone.

President Trump and the congressional majority are using a false bill of goods to try to sell this deeply corrupt bill to the American people. Make no mistake: These enormous tax cuts for the top 1 percent will be paid for by middle- and working-class families, and these deficit-busting cuts put Medicaid, Medicare, education, and other critical priorities directly at risk.

Related resources:

• Many Working and Middle-Class Americans Would See a Tax Increase Under the House GOP Tax Plan by Alexandra Thornton and Andrew Schwartz
• Are You in One of the 36 Million Families Whose Taxes Will Go Up Under the House Bill? by Jeremy Slevin (TalkPoverty)
• 4 Losers and 1 Big Winner in the House GOP Tax Plan by Alex Rowell and Seth Hanlon
• Supply-Side Follies: Wasteful Tax Cuts Will Not Boost the Economy by Christian E. Weller
• This Is How Much Average Americans Will Pay for Trump’s Tax Cuts for the 1 Percent by Rachel West, Katherine Gallagher Robbins, and Melissa Boteach
• The Facts on Tax Reform series by Alexandra Thornton and Seth Hanlon
• For the Cost of Repealing the Estate Tax, Congress Could Buy Everyone in America a Pony by Rachel West and Harry Stein (TalkPoverty)

For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.