MAGA Republicans’ Tax Agenda: Cuts For The Ultra Wealthy At The Expense Of Working Families
FOR IMMEDIATE RELEASE: April 18, 2023
PRESS CONTACT: Olivia Eggers, (860) 913-1890, [email protected]
MAGA REPUBLICANS’ TAX AGENDA: CUTS FOR THE ULTRA WEALTHY AT THE EXPENSE OF WORKING FAMILIES
WASHINGTON, D.C. — As working families across the country file their taxes today, President Biden is fighting to save them money – while Republicans in Congress are more focused on tax breaks for the ultra wealthy. Under the previous administration, Republicans in Congress passed legislation that raised costs for many middle class families while delivering massive tax cuts for the wealthiest Americans. They’ve since stood by these cuts, which raised the deficit by $2 trillion, hurting our economy and working people.
“For years, Congressional Republicans have enabled wealthy tax cheats at the expense of working people – unlike President Biden, who has delivered on an agenda to cut taxes for working Americans,” said Building Back Together spokesperson Olivia Eggers. “He’s committed to building on the progress we’ve made to lower costs and create opportunity for the middle class. House Republicans, on the other hand, are more worried about Wall Street than Main Street.”
Republicans in Congress’ MAGA agenda would raise costs for working families while giving tax breaks to the ultra wealthy and big corporations:
- Congressional Republicans’ 2017 tax cuts delivered for the ultra wealthy and big corporations over working Americans — with 83% of benefits going to the richest 1%.
- MAGA Republicans have since doubled down on this legislation – and have put forward a plan that would increase taxes on half of Americans.
In contrast, President Biden’s agenda lowers costs, holds wealthy tax cheats accountable, and doesn’t raise taxes for working people:
- The Inflation Reduction Act signed by President Biden lowers the cost of essentials like health care, prescription drugs, and energy bills – without raising taxes a single cent for people making less than $400,000 a year.
- This law includes tax credits for home energy upgrades that will save families more than $1,000 a year.
- It also cracks down on wealthy tax cheats to make our tax system more fair for working people.
- This builds on previous actions by the Biden-Harris Administration to lower taxes for working people:
- Through the American Rescue Plan, the Biden-Harris Administration expanded the earned income tax credit, providing nearly three times the previous benefit amount and giving tax relief to over 17 million workers.
- The American Rescue Plan also expanded the Child Tax Credit, lifting over 2 million children out of poverty.
- Republicans in Congress opposed these tax cuts for working families and want to repeal the cost-saving provisions of the Inflation Reduction Act.
Building Back Together (BBT) is a 501(c)4 nonprofit organization that serves as a messaging and organizing hub for national and in-state allies to advance the legislative agenda of the Biden-Harris Administration. BBT works alongside our partners to educate communities across the country about how the Biden-Harris agenda impacts their lives – by creating good-paying union jobs, lowering costs, and fueling economic growth – and contrasting these legislative accomplishments with the harmful plans of Republicans in Congress.