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Washington, D.C. — Today, the U.S. House Ways and Means Committee wraps up debate over tax reforms under the Biden Build Back Better plan that will level the playing field for working families and holds the wealthy and big corporations accountable to pay their fair share. As Republicans on the committee continue to make excuses for billionaires and big corporations to evade responsibility, Accountable.US released new research finding that eight committee members — including Rep. Vern Buchanan who bought a yacht on the same day he voted for President Trump’s tax cuts — have a collective estimated wealth of $252 million.  

“Members of the Republican Millionaires Caucus may be the loudest critics of the President’s calls for rich corporations to pay their fair share, but they have the least credibility to claim they speak for everyday families,” said Kyle Herrig, president of Accountable.US. “They would rather preserve Trump-era tax cuts that overwhelmingly benefit the wealthiest individuals like themselves than make any overdue, widely popular investments that will build an economy that works for everyone. The Republican Millionaires Caucus are desperate to distract from the fact the Trump tax cuts did nothing but worsen the income inequality crisis and further erode the middle class — because it’s in their personal interest to mislead the public.”  

This research is part of Accountable.US’ ongoing effort to expose special interests and big corporations trying to obstruct critical investments to help working families. The group also released the Republican Millionaires Caucus — an analysis finding that at least 125 Republicans in Congress with average net worths of at least $1 million and/or hold assets in excess of $1 million are poised to oppose any effort to raise revenue by having the wealthiest Americans and big corporations pay their fair share in taxes. In April, IRS Commissioner Rettig estimated that tax cheats are costing the U.S. $1 trillion a year as audits are in steep decline for the richest Americans—due in large part to extreme IRS staffing shortages following repeated Republican-initiated budget cuts.  

MILLIONAIRE REPUBLICANS ON THE WAYS AND MEANS COMMITTEE:  

  • Rep. Vern Buchanan (FL-16), Who Sat On The Ways And Means Committee When It Crafted Trump’s Tax Cut Legislation And Stood To Save $2.1 Million From Just One Provision In The Bill, Voted For The Tax Cuts On The Same Exact Day He Purchased A Yacht Worth Up To $5 Million.
  • Rep. Kevin Hern (OK-01), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $60,979,615 As Of 2018
  • Rep. Tom Rice (SC-07), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $14,569,510 As Of 2018
  • Rep. Mike Kelly (PA-16), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $12,419,056 As Of 2018
  • Rep. Lloyd Smucker (PA-11), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $2,810,002 As Of 2018
  • Rep. Drew Ferguson (GA-03), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $1,197,513 As Of 2018
  • Rep. Jodey Arrington (TX-19), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $1,190,515 As Of 2018
  • Rep. David Schweikert (AZ-06), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $1,100,000 As Of 2018
  • Rep. Ron Estes (KS-04), A Republican Member Of The House Ways And Means Committee, Was Worth Approximately $1,055,023 As Of 2018 

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