120 Democrats Demand Repeal of ‘Obscene’ Tax Cut for Millionaires That GOP Buried in Previous Covid Relief Bill

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    • #400576
      • Total Posts: 6,139

      A group of 120 Democratic members of Congress is calling on their party’s leadership to ensure that a tax break for millionaires that Republicans quietly buried in an earlier coronavirus relief package is repealed in upcoming aid legislation, arguing the rollback would free up hundreds of billions in revenue which could be used to help struggling families.

      Led by Reps. Lloyd Doggett (D-Texas), Rosa DeLauro (D-Conn.), Steve Cohen (D-Tenn.) in the House and Sen. Sheldon Whitehouse (D-R.I.) in the Senate, the coalition of lawmakers sent a letter to Democratic leaders on Tuesday demanding the reversal of “costly tax breaks for so-called ‘net operating losses’ that Republicans tucked into the CARES Act,” a $2 trillion relief measure that former President Donald Trump signed into law last March.

      “These special-interest giveaways will confer over 80 percent of the benefits to just 43,000 taxpayers, each earning at least $1 million per year,” reads the letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.). “We urge you to repeal these unwarranted tax cuts, as HEROES and HEROES 2.0 proposed and President Biden has recommended. This would save over $250 billion, which should be repurposed to help Americans who have lost income due to the pandemic and its economic fallout.”https://www.commondreams.org/news/2021/02/03/120-democrats-demand-repeal-obscene-tax-cut-millionaires-gop-buried-previous-covid

      “Never argue with a fool, onlookers may not be able to tell the difference.”
      ~Samuel Clemens

    • #400580
      • Total Posts: 167

      Haven’t read much about this proposal yet, but it seems to pull out some of the scammery in the CARES act, which is the kind of thing Dems *should* be doing just about now, Dems who are not Uniparty Oligawk servants.
      Next, reverse the big Trump tax scam of his first year or so, tax reduction for everyone! except really ultimately only for the top. Echoed the Bush/Cheney tax scam of their first year or so…which was not really reversed by Obama (who was not really a Dem? Well you know how that goes. Had a D after his name and knew some progressive-talk during campaigns.)

    • #400616
      • Total Posts: 1,085

      this class of high income earners should get the 70 percent marginal rate. the free ride for corporate taxpayers needs to be fixed as well. overseas corporate subsidiaries need to be taxed.

    • #400737
      • Total Posts: 1,174

      And they should also repeal a bunch of the previous tax cuts, which also mostly benefitted the 1%.

      Destruction is easy; creation is hard, but more interesting.

    • #400767
      • Total Posts: 3,152

      Which is why Schemer and Fancy won’t even let it get on the table.

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