Progressive Caucus Responds to Republicans Advancing Second Tax Scam to the Floor

Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement after House Republicans approved their newest tax giveaway to the wealthy and biggest corporations in the Ways and Means Committee and set up a vote by the full House of Representatives:

“Not two weeks after Republicans nearly blew up the economy in order to supposedly lower the national debt, they are sending tax cuts that benefit the wealthy and large corporations to the floor — legislation which, if it becomes law, would explode the deficit. It’s exactly as progressives have been saying: Republicans only care about keeping the cash flowing to billionaires and their corporate donors, and will stick working people with the bill to make it happen.

“Republicans’ Tax Scam 2.0 is packed with corporate giveaways financed on the backs of the working class. It would give $28.4 billion in tax breaks to the richest 1 percent, provide $60.8 billion to the wealthiest fifth of Americans, and authorize a $23.8 billion gift to foreign stockholders in U.S. corporations next year. The poorest fifth of Americans would receive just a $40 tax cut next year — while the richest 1 percent would average $16,550. This is in addition to the climate devastation the bill will cause by rolling back provisions meant to speed up the clean energy transition in Democrats’ Inflation Reduction Act.

“It couldn't be clearer where Republicans’ priorities are. Their hypocrisy is blatant and their disdain for poor and working class families is outrageous. Progressives will stand with our Democratic colleagues in voting no on this shameful handout to the wealthiest individuals and corporations, and we will continue our fight to end economic inequality in this country. Now, more than ever, we must tax the rich.”