Democrats Want To Know: How Many Ultra-wealthy Americans Would Benefit from Tax Cuts?
Lawmakers look to quantify effects of Republican policies
A group of Senate Democrats want to know specifically how many Americans would benefit from the tax plan that Republicans are pushing through Congress.
Sens Mark Kelly, of Arizona; Chris Murphy, of Connecticut; and Elizabeth Warren, of Massachusetts sent a letter requesting that the Joint Committee on Taxation (JCT) calculate and publish the number of wealthy individuals and billionaire corporations who might benefit from tax giveaways under the Republicans’ tax plan.
The JCT is a bicameral committee that operates an experienced professional staff of economists, attorneys, and accountants, who assist lawmakers of the majority and minority parties in both houses of Congress on tax legislation.
The Democrats’ letter is addressed to Thomas Barthold, JCT chief of staff.
Republicans are in the middle of trying to approve another massive tax cut aimed at mostly the ultra-wealthy and large corporations. And they are looking to dramatically slash Medicaid and other government programs in order to accommodate those tax breaks.
As part of the budget reconciliation process, Senate Democrats say they forced Republicans to go on the record with their plans to give massive tax handouts to the wealthiest Americans and giant corporations.
Democrats asked whether Republicans would oppose more tax cuts for people making over $100 million, $500 million, or even $1 billion in a single year; Republicans voted no. When asked whether Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again.
“While Republicans have claimed that these tax breaks are meant to help working people, their votes don’t lie,” the senators wrote.
The lawmakers asked the committee to share the following information by this coming Wednesday:
The number and percentage of individual taxpayers who, in the past three tax years, made at least $10 million, $100 million, $500 million, or $1 billion each year; and
The number and percentage of corporations who, in the past three tax years, made at least $100 million, $500 million, $1 billion, or $10 billion each year.
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