More than 100 Dems demand repeal of 'obscene' tax cut for millionaires that GOP buried in...

[DonViejo]

More than 100 Dems demand repeal of 'obscene' tax cut for millionaires that GOP buried in previous COVID relief bill

Jake Johnson, Common Dreams

February 03, 2021

A group of 120 Democratic members of Congress is calling on their party's leadership to ensure that a tax break for millionaires that Republicans quietly buried in an earlier coronavirus relief package is repealed in upcoming aid legislation, arguing the rollback would free up hundreds of billions in revenue which could be used to help struggling families.

Led by Reps. Lloyd Doggett (D-Texas), Rosa DeLauro (D-Conn.), Steve Cohen (D-Tenn.) in the House and Sen. Sheldon Whitehouse (D-R.I.) in the Senate, the coalition of lawmakers sent a letter to Democratic leaders on Tuesday demanding the reversal of "costly tax breaks for so-called 'net operating losses' that Republicans tucked into the CARES Act," a $2 trillion relief measure that former President Donald Trump signed into law last March.

"These special-interest giveaways will confer over 80 percent of the benefits to just 43,000 taxpayers, each earning at least $1 million per year," reads the letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.). "We urge you to repeal these unwarranted tax cuts, as HEROES and HEROES 2.0 proposed and President Biden has recommended. This would save over $250 billion, which should be repurposed to help Americans who have lost income due to the pandemic and its economic fallout."

"In addition to presenting immediate hardships, the Covid-19 pandemic has laid bare and magnified our nation's troubling economic inequality," the letter continues. "Relief must address this inequality, not exacerbate it. The CARES net operating loss provisions will further worsen economic inequality by providing an average tax break of $1.6 million to just 43,000 very high-income taxpayers. This is unacceptable, especially when compared to the limited relief most Americans have received."

more
https://www.rawstory.com/trump-gop-tax/

[Ziggysmom]

1. Pro Publica did a nice breakdown

https://www.propublica.org/article/the-cares-act-sent-you-a-1-200-check-but-gave-millionaires-and-billionaires-far-more

[NotHardly]

16. It's time for Congress to invest in critical-word computer doc asssessment...

science uses computers to analyze text for content, language, and critical processes fairly inexpensive.

If Congress is going to write 1000 page documents and then propose passing them, the computers analyzing document content and context are relatively cheap and would prevent the "sneaking in" of statements, proposed action, and process by alerting representatives to the "sneaks" submitted... we could prevent a lot of this just by being more focused and realizing Republicans cheat every time. Period.

[dhill926]

19. like this idea...

[HUAJIAO]

2. I hope this sneaky little move gets publicized by repubs....

[AmyStrange]

3. +100000000000000000000000000000000 x infinity

-

Raising the minimum wage would also be a sneaky way to tax capital gains and leave more money in each state.

Thank you for sharing.
========

[Zoonart]

5. To infinity and beyond.

[AmyStrange]

6. heh heh heh

-

That's funny!
==========

[Fritz Walter]

8. 2...(∞-1)

"Two to the power of infinity-one," as cited by The Hitchhiker's Guide to the Galaxy.
(Website deleted the ^ from the title).

[CurtEastPoint]

4. Another exhibit of 'All we care about is ourselves and our rich friends and fuck the rest of you.'

When will people realize this and STOP ENABLING THEM.

[wnylib]

7. Thanks for this info. I will store it

along with other info on a NY Republican congressman who brags about being in the problem solvers caucus and has gubernatorial ambitions. Should make some good campaign ads for whoever runs against him.

[Hotler]

9. Don't stop there, repeal tax cuts going back to Clinton.

Tax them till their eyes bleed. and tax the churches.

[Pepsidog]

10. Repeal and replace with wealth tax.

[FailureToCommunicate]

11. Republicans: the "rob from the poor and give to the rich" outlaws.

[liberalmuse]

12. In the meantime, the Middle Class gets tax hikes

Starting this year and until 2027. We need to repeal all Trump term tax legislation.

[PatSeg]

13. My god, these people are shameless

What will it take for their constituents to wake up and realize that republicans do not represent THEM?

"80 percent of the benefits to just 43,000 taxpayers, each earning at least $1 million per year?" All while crying about fiscal responsibility and the deficit?

Republicans will do or say anything to get people's votes, but after that they are on their own. What a scam and people keep falling for it. Oh well, as long they keep "owning the libs", I suppose their constituents are happy.

[3catwoman3]

14. They need yet ANOTHER...

...bleeping tax cut?

[Stuart G]

15. K & R for all to see.

[Paper Roses]

17. Good Grief, sometimes I think we can't win.

The repubs hide all these little goodies within every damn bill. Why can the rest of us find some way to benefit like the rich seem to be able to do?

As we try and figure out how to put food on the table, the rich are planning their next windfall.
Sometimes I just want to scream.

[AllaN01Bear]

18. id like to see a repeal of the bush era tax cuts as well.

[PoindexterOglethorpe]

20. What's so discouraging is that this is hardly breaking news.

Ever since Reagan, tax breaks for the wealthy have been passed over and over again and yet they complain bitterly about their relatively minuscule tax burden.

Let's go back to a 70% marginal tax rate, fund schools, fund decent health care for all, fund public transportation, and all of the other things that make a real first world country.

[theneworiginal]

21. No wonder these relief bills are so expensive!

Maybe we should reach across the aisle to reconcile some of this "reckless spending that will drive up the deficit."

[Nitram]

22. Yes!

[Blue Owl]

23. K&R

[Buckeye_Democrat]

24. That's who the GOP always serves.

They rely on the votes of misinformed nutcases and evangelicals to carry it out, stoking fear and hatred among them, but it's all about the maintenance of wealth for them.

They despise inflation for the same reason. That can erode the value of accumulated wealth. Higher pay and other perks that might come with it? That doesn't really help people trying to make money strictly from their money.

[Hekate]

25. Go big!

And good luck.

[Hermit-The-Prog]

26. Let's roll back the income tax code to Eisenhower's time and hear the gnashing of rich teeth.