Credo Action

No holiday tax handouts for Wall Street

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Petition to Congress:

"Americans resoundingly rejected Republican tax policy in November. Congress should block the Brady tax bill, which is full of holiday handouts for wealthy special interests and preserves the Trump Tax Scam's incentives for outsourcing jobs."

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    No holiday tax handouts for Wall Street

    The Trump Tax Scam's handouts for wealthy corporations proved so ineffective and unpopular that the bill contributed to historic blowout losses for Republicans in the recent elections, with the largest gains for Democrats in the House of Representatives since 1974.1

    So, of course, Republicans have responded with a new bill full of tax-handout holiday gifts for rich and well-connected elites.2

    House Republican Kevin Brady recently introduced a new tax package full of handouts for Wall Street, and Republicans are desperate to move it forward before leaving town for the holidays.3 We can't let that happen.

    Tell Congress: No holiday tax handouts for Wall Street.

    It is a rotten holiday season for General Motors workers. The company announced a few weeks ago that it is cutting 15 percent of its American workforce and shuttering five manufacturing plants.4 The 2017 Trump Tax Scam provides tax incentives for companies to do just this sort of outsourcing.5

    But instead of ending Trump's outsourcing incentive, Republicans are trying to make it a very happy holiday season for well-connected elites, financiers and special interests. And in last-minute changes to the bill on Monday, Republicans added even more special interest tax breaks and language repealing a decades-old amendment that prohibits nonprofits from engaging in political activities.

    The new Brady tax package fails to repeal the worst of the Trump Tax Scam. In fact, it tinkers with a bill American voters soundly rejected at the polls. House Republicans are in such a rush to pass it without hearings or a chance for Democrats to adequately review its hundreds of pages that we are not even sure of the full extent of the damage it would do. But allies already know it "contains handouts and favors for narrowly tailored and wealthy special interests such as NASCAR race track owners, race-horse breeders, movie producers, venture capitalists, and paid tax prep companies."6

    The end of year, lame-duck session of Congress creates intense pressure. Lobbyists press their advantage on members of Congress desperate to wrap up business and head out of town. We need a fierce response to make sure corporate Democrats stand strong and Republicans abandon their plans for yet more tax handouts for the wealthiest few.

    Tell Congress: No holiday tax handouts for Wall Street.

    Thank you for speaking out.

    References:

    1. Harry Enten, "Latest House results confirm 2018 wasn't a blue wave. It was a blue tsunami." CNN, Dec. 6, 2018.
    2. Jeff Stein, "House GOP’s lame-duck tax package would cost $55 billion, CBO says," The Washington Post, Nov. 28, 2018.
    3. Americans for Tax Fairness, "51 National Groups Oppose New Brady House Tax-Cut Package," Nov. 29, 2018.
    4. Soo Youn and Jeffrey Kirk, "General Motors to lay off 15 percent of workers, shutter 5 plants in North America," ABC News, Nov. 26, 2018.
    5. Americans for Tax Fairness, "51 National Groups Oppose New Brady House Tax-Cut Package."
    6. Ibid.