Republicans Are Still Celebrating Tax Cuts for Billionaires

Folks, let’s give it up for Senator Ron Johnson, who finally admitted what’s long been clear: Republicans designed the 2017 Trump tax cuts to benefit themselves, their donors, and the wealthiest Americans. While Republicans are still celebrating how they gave away billions of dollars to big corporations, President Biden and Democrats are fighting to ensure billionaires pay their fair share. 

Ron Johnson said the quiet part out loud: Republican lawmakers designed the 2017 Trump tax cuts to benefit themselves and their wealthy donors. 

Milwaukee Journal Sentinel: “Ron Johnson says his Oshkosh firm and many others benefited from 2017 business tax cut he championed”

Associated Press: “Republican U.S. Sen. Ron Johnson told backers at a recent event in Wisconsin that his plastics company benefited from a key provision he pushed for in former President Donald Trump’s tax bill in 2017, addressing a line of attack being made against him during his reelection bid.”

The Trump tax cuts gave away billions of dollars to corporations and the wealthiest Americans while leaving many middle-class families behind. 

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

NBC News: “Twice as many companies paying zero taxes under Trump tax plan”

CBS News: “Big companies have long relied on strategies to reduce their tax bills. But the new tax law is making it even easier, with a new analysis finding that 60 profitable Fortune 500 companies paid no taxes on a total of $79 billion of profits earned in 2018.”

Axios: “Americans have gotten $0.01 more in bonuses since Trump’s tax cuts.” 

In contrast, President Biden is fighting to ensure billionaires pay their fair share so we can invest in our nation’s families and reduce the deficit. 

The Guardian: “Biden targets America’s wealthiest with proposed minimum tax on billionaires”

CNBC: “President Joe Biden to propose new 20% minimum billionaire tax”

Washington Post: “The ‘Billionaire Minimum Income Tax’ plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million, the document says. The majority of new revenue raised by the tax would come from billionaires.”