Press Releases
MAGA Majority Proposes More Deficit-Exploding Tax Cuts for Rich While Threatening Default Crisis
WASHINGTON, D.C. — This Tax Day, government watchdog Accountable.US highlights the numerous deficit-ballooning, trickle-down tax plans the MAGA House Majority have offered that show they were never serious about the national debt – only in further enriching their wealthy donors at the expense of the middle class. These provisions include the introduction of a regressive flat tax to replace the current tax code, legislation to make the 2017 Trump tax cuts permanent despite the law overwhelmingly benefiting the wealthy, and an FY 2023 budget proposal with provisions benefiting wealthy investors and the fossil fuel industry at the cost of necessary green energy investments. These proposals adding trillions to the national debt all remain on the table as Speaker McCarthy and the MAGA House pledge to force a default crisis and economic collapse over supposed debt ‘concerns’ unless they get deep, counterproductive cuts to priorities that help seniors, students, and patients.
The MAGA House Majority is holding the economy hostage over supposed debt ‘concerns’ at the same time they shamelessly propose trillions of dollars in new debt-compounding tax breaks for corporations and their rich donors. Republicans in Congress ballooned the national debt with the corporate Trump tax giveaways – debt they’re now using as an excuse to exact harmful cuts against America’s seniors, workers, students, patients and the food insecure. Rather than take any responsibility, MAGA extremists pledge to make matters worse – threatening to crater the economy while refusing to do away with a single tax loophole or any special tax breaks for greedy corporations and their billionaire donors.”
Liz Zelnick, Director of Accountable.US’ Economic Security & Corporate Power program.
Among the MAGA Majority’s Plans to Give More Tax Breaks for the Wealthy:
- Earl “Buddy” Carter’s (R-GA) reintroduction of the FairTax Act, which would eliminate the Internal Revenue Service (IRS) and replace the current tax system with a 30% tax on goods and services. Experts agree that the “regressive” proposal would create an unwarranted benefit for America’s wealthiest, all while increasing the federal deficit “by nearly $10 trillion over the next decade.”
- Rep. Vern Buchanan’s (R-FL) TCJA Permanency Act, which would make several provisions of the 2017 Trump tax cuts permanent despite 60% of its benefits going to the top 20% of earners.
- A proposal from the 172 members of the Republican Study Committee (RSC), which calls for indexing capital gain taxes to inflation, a move a move that has been previously criticized for benefiting the wealthy, with 86% of the benefits to the top 1 percent of households and up to $200 billion added to the national deficit over the next decade.
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