Press Releases
Accountable.US Launches New Database Showing How Congressional Republicans May Financially Benefit from Trump Tax Scam
Analysis Finds 70% of Congressional Republicans Could Profit from Extending the Trump Tax Scam
More than 100 million Americans poised to face biggest cuts to their healthcare in history
WASHINGTON, DC — Today, government watchdog Accountable.US launched Cash in Congress, the only comprehensive database detailing every Congressional Republican members’ personal financial stake in extending the pass-through and estate tax changes from the Trump tax scam – available online today. While more than 100 million Americans are poised to face unprecedented cuts to their healthcare, a staggering 70% of Congressional Republicans could financially benefit themselves with their own tax plan. [EXPLORE THE DATA.]
The pass-through deduction and estate tax are two benefits that overwhelmingly benefit the wealthy. Under the Trump tax scam, the pass-through deduction allows owners of pass-through businesses, like LLCs or S Corporations, to deduct 20% of their qualified business income from their federal tax burden. Similarly, the Trump tax scam doubled the estate tax threshold, allowing millionaires with assets up to $14 million to transfer assets to their descendants tax-free. Focused on these benefits, Accountable.US’ findings represent just one fraction of the savings wealthy Republican lawmakers could gain under the Trump tax scam.
The damning findings from our look into the data make clear what we’ve known for a long time: Republicans in the House and Senate shamelessly plan to pass a tax plan and budget rigged in their favor — and they want the rest of us to pay for it. As costs rise and millions are overwhelmed with the economic uncertainty Trump continues to recklessly embrace, you’d think Republicans in Congress would come together and fulfill their campaign promise to lower costs for Americans. But our database empirically proves the opposite: they’d rather raise costs for millions so that they and their wealthy donors can pay less taxes.”
Accountable.US President Caroline Ciccone
Today’s report marks the first of a series of new research from Accountable.US that will expose the corruption and money-grabbing being pushed in Washington by elected officials, donors, and lobbyists. Take a look at just some of these key findings:
- Congressional Republicans reap the benefits of their tax scam: Over two-thirds of Congressional Republicans could financially benefit from their own tax plan by extending the pass-through deduction. Including 69% of House Republicans and 72% of Senate Republicans.
- The richest Republican members are betraying millions of their constituents: The 10 RICHEST House Republicans are threatening Medicaid access for 1.7 MILLION of their own constituents.
- It’s all about the estate tax: While less than 1% of American descendants are subject to the estate tax, a jarring 18% and 28% of House and Senate Republicans, respectively, are that wealthy. These individuals could pay even LESS in estate taxes than under the original 2017 law with its full repeal.
- Medicaid and SNAP recipients be damned: 36 million people in Republican congressional districts rely on Medicaid—which is on the Republican’s chopping block to pay for their own tax cuts—for their healthcare, per the House Budget Committee Democrats’ Republican Rip Off,
- Representatives like Rep. Jay Olbernolte (R-CA-23), Brett Guthrie (R-KY-02), and Carol Miller (R-WV-01) represent districts with some of the highest numbers of constituents reliant on Medicaid in the country: 351,039, 234,383, and 273,209, respectively. Under the Trump tax scam, these three could save millions of dollars while the families in their district see their costs skyrocket.
