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.
It didn’t take long for the MAGA majority’s alleged debt ‘concerns’ to go right out the window in pursuit of more wasteful tax breaks for their billionaire donors and corporations that ship jobs overseas. “And if the recent past is prologue, the MAGA Majority will try to pay for their trillion-dollar corporate tax giveaway on the backs of average Americans, including devastating cuts aimed at seniors, veterans and the food insecure. Once again, the MAGA House majority has only corporations and the wealthy in mind.”