Washington, D.C. — Today, the U.S. House of Representatives voted to pass a package of bills permanently extending provisions from the tax bill passed into law this past December. Included in the bills are provisions that would permanently extend four of the tax cuts that mainly or exclusively benefit the wealthy, including permanently extending a lower top tax rate, permanently extending tax cuts for multimillion-dollar estates, permanently extending the so-called Trump loophole for owners of pass-through entities, and making permanent cuts to the alternative minimum tax.
Alexandra Thornton, senior director of Tax Policy at CAP, released the following statement:
Trump’s first tax scam gave colossal tax cuts to the rich, created more loopholes for the wealthy to exploit, and exploded the deficit. Now they are doubling down on more of the same instead of working to solve the very real economic issues solving our country. Real wages are flat, while corporate profits and buybacks are skyrocketing—and these bills will do nothing to make our tax system fairer, easier, or more progressive.
Seth Hanlon, senior fellow at CAP, added:
As if last year’s tax law hasn’t caused enough damage, this new tax scheme will add nearly $4 trillion to the debt over the next two decades. And the Republican leaders in Congress have already told us who is going to pay for it—the people that rely on Social Security, Medicare, and Medicaid.
- “Americans Have Rejected the Tax Scam—Congress Should Too” by Seth Hanlon and Galen Hendricks
- “The Tax Bill That Would Launch More Than 13,000 Yachts” by Sam Berger and Galen Hendricks, CAP Action Fund
- “Proposed New Savings Accounts Just Another Tax Shelter For Richest Americans” by Christian Weller, Forbes op-ed
- “Budget Estimates Show New Tax Cuts for Wealthiest Americans Threaten Middle-Class Retirement” by Christian Weller, Forbes op-ed
For more information or to speak with an expert, contact Allison Preiss at gro.ssergorpnacirema@ssierpa or 202.478.6331.