What Debt Worries? MAGA Majority Set to Advance $1 Trillion Tax Handout to Corporations, Top 1%

WASHINGTON, DC — Less than a month after the nation narrowly avoided a default crisis where the MAGA House Majority threatened to derail the economy over supposed debt concerns, the Republican-led House Ways and Means Committee is poised to advance their MAGA Economics tax plan that overwhelmingly benefits foreign investors, the wealthiest 1 percent, and giant corporations – all with a price tag of over $1 trillion in lost revenue if made permanent. While the bottom 20 percent of American earners would receive a paltry $40 in relief under the MAGA tax plan, one analysis found the wealthiest Americans can expect to receive a collective $60.8 billion in tax cuts in 2024; and foreign investors, who own a considerable amount of stock in U.S. corporations, will ultimately benefit from $23.8 billion in corporate tax dollars. The richest 1 percent alone would be awarded $28.4 billion in tax breaks, amounting to an average $16,550 tax cut next year.