REPORT: Two-Thirds of Senate Republicans Are Millionaires Who Stand To Benefit From Obstructing Biden’s Tax Plan and His Build Back Better Agenda

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Washington, D.C. — With U.S. Senate poised to consider several major elements of the Biden Build Back Better agenda, a new review from government watchdog Accountable.US finds 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. The Republican Millionaires’ Caucus includes 2/3 of Republican Senators (33 of 50) and over 40% of U.S. Republican House members (92 of 211) who stand to benefit from obstructing Biden’s publicly-backed tax proposals that would help pay for critical investments in childcare, roads, bridges, paid family and medical leave, 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.  

In addition, Accountable.US launched a new online tool for the public to search whether their representatives in Congress are members of the obstructionist Republican Millionaires Caucus: https://www.accountable.us/republican-millionaires/  

“The Republican Millionaires Caucus would rather protect tax giveaways for their big corporate donors and people like themselves than help build a lasting economy that works for everyone,” said Kyle Herrig, president of Accountable.US. “Under the Trump tax cuts for the rich, big corporations raked in massive profits as the middle class continued to disappear. Now that new leaders are trying to level the playing field for everyday workers and their families, corporations are spending millions of dollars to stop it — and many in Congress are carrying their water.”  

“After years of exploiting tax loopholes at the expense of low and middle-income Americans, corporations were the first in line for taxpayer aid when the pandemic hit as millions of families lost their jobs and their livelihoods,” added Herrig. “For corporations to successfully derail reform for working families, they will depend on the help of their millionaire friends in Congress who themselves stand to benefit from maintaining a broken status quo. It’s time these lawmakers fix their priorities.”  

OTHER KEY FINDINGS FROM ACCOUNTABLE.US:  

Many members of the Millionaires Caucus already have histories of flaunting their wealth or shamelessly violating the public trust to serve their own interests, including:  

• Sen. Ron Johnson, Who Was Worth As Much As $64 Million In 2018, Paid “Out Of His Own Pocket” To Fly In His Children’s Private Jet During The Pandemic And Demanded A Provision Of Trump’s Tax Plan That Benefitted Pass-Through Entities While Maintaining A Multi-Million Dollar Stake In His Own Pass-Through Company. 
   
• Sen. Rick Scott – Who Has Been Worth $91.75 Million And Abandoned His Promise To Put His Assets In A Blind Trust When Elected – Expedited Approval Of A Pipeline That Benefitted His Investments While Florida’s Governor And Enjoyed A 33% Increase In Wealth During His First Year As A U.S. Senator.
   
• Rep. Darrell Issa Has A Net Worth Of $250 Million And Has Repeatedly Used His Office For Personal Gain—Including Arranging $800,000 In Earmarks To Boost His Real Estate’s Value By 60%, Attacking The Treasury Dept.’s Forced Sale Of Merrill Lynch After The Firm Handled Over A Billion Dollars In Transactions For Him, And Repeatedly Working To Benefit His Auto Electronics Firm.
   
• Rep. Vernon Buchanan, Who Was Worth As Much As $282 Million As Of 2018, Purchased A Yacht Worth Up To $5 Million On The Same Day He Voted For Trump’s Tax Cuts And Owns Three Car Dealerships, Including One Worth More Than $50 Million, And That Accepted Up To $7 Million In PPP Loans.   

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