Washington, D.C. — Today, as the Senate releases its budget proposal that would lower taxes and costs for working and middle-class families, Accountable.US called on lawmakers, particularly those who stand to benefit from the status quo, to drop their opposition to having big corporations pay their fair share to make key investments in child care, health care and addressing the climate crisis.
In part because of billions in tax cuts passed under the Trump administration, big corporations and their executives made huge profits over the last four years, often without paying federal taxes. Even as the pandemic devastated the economy, 45 of the 50 biggest U.S. corporations enjoyed huge profits and laid off tens of thousands of workers, all while families struggled to hang on.
“For far too long, rich corporations have gotten off scot free from paying their fair share in taxes, leaving working families to foot the bill,” said Kyle Herrig, president of Accountable.US. “The Build Back Better agenda would lower costs for working families. Big corporate interests and their defenders in Congress want to stop this progress in its tracks because they have benefited far too long from the status quo, especially during the previous four years. It’s time to level the playing field and make the economy work for everyone, not just the well-off and well-connected.
Accountable.US recently released a new report on the Republican Millionaires Caucus in Congress — at least 125 Republicans on the Hill with average net worths of at least $1 million and/or hold assets in excess of $1 million — who are poised to oppose any effort to raise revenue by having the wealthiest Americans and big corporations pay their fair share in taxes.
The Republican Millionaires’ Caucus includes two-thirds of Republican senators and over 40% of Republican U.S. House members who stand to benefit from obstructing Biden’s popular tax proposals that would help pay for critical investments in child care, roads, bridges, paid family and medical leave, and education among other economy-boosting priorities. Echoing attacks from industry lobbyists, these Republicans in Congress are determined to protect Donald Trump’s 2017 tax cuts that overwhelmingly benefit big corporations and the wealthiest individuals such as themselves.
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