Why Don’t Republicans Want Billionaires to Pay Their Fair Share?
March 29, 2022
Color us shocked: Republican lawmakers have a problem with President Biden’s budget because it would require billionaires and the wealthiest Americans to pay their fair share in taxes. While President Biden has a fiscally responsible plan to slash the deficit by nearly $1 trillion and invest in our nation’s troops, police, and families, Republican lawmakers are going to bat for billionaires while looking to raise taxes on working families.
It’s no surprise Republicans would come out against billionaires paying their fair share – This is the same party that ran up the deficit by giving away billions of dollars in tax cuts to corporations and the ultra-wealthy.
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
NBC News: “Special Trump tax provision gives $17 billion break to millionaires, gov’t report finds”
Washington Post: “The combination of Trump’s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar.”
And at the same time that they’re going to bat for billionaires, Republican lawmakers like Rick Scott would rather raise taxes on seniors, retirees, and lower-income Americans.
NPR: “Sen. Rick Scott wants every American to pay at least some income taxes”
Institute on Taxation and Economic Policy: “An analysis of Sen. Rick Scott’s proposal to increase federal income taxes finds that the lowest-income 40 percent of households would bear the brunt of the increase and pay an average of $1,000 more in taxes each year”