NEW: A giant, radical memo from House Budget Committee Republicans...
Americans For Tax Fairness@4TaxFairness
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Jan 22, 2025
~2 min read
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NEW: A giant, radical memo from House Budget Committee Republicans was recently leaked.
It’s a menu of all the tax breaks they want to give to the wealthy and corporations—and all the stuff they could cut to pay for it.
Everything you need to know, a thread 🧵
It’s a menu of all the tax breaks they want to give to the wealthy and corporations—and all the stuff they could cut to pay for it.
Everything you need to know, a thread 🧵
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The memo outlines several expensive tax handouts for the wealthy:
—Repeal the 15% corporate profit minimum tax
—Eliminate the estate tax for millionaires
—Lower the corporate tax rate to 15%
—Reinstate corporate tax loopholes
These tax breaks altogether cost $1.2 TRILLION.
—Repeal the 15% corporate profit minimum tax
—Eliminate the estate tax for millionaires
—Lower the corporate tax rate to 15%
—Reinstate corporate tax loopholes
These tax breaks altogether cost $1.2 TRILLION.
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The memo also advocates for stripping away $80 billion from the IRS.
This funding was given to the IRS to improve customer service and crack down on rich tax cheats.
Repealing it actually costs us $46.6 BILLION because of the revenue lost to wealthy tax cheaters.
This funding was given to the IRS to improve customer service and crack down on rich tax cheats.
Repealing it actually costs us $46.6 BILLION because of the revenue lost to wealthy tax cheaters.
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To help pay for all of these tax breaks for the rich, it also proposes $2.2 trillion in tax HIKES on working families:
—Repeal green energy tax credits
—Take away mortgage interest deduction
—Raise taxes on single parents
—Raise taxes on students
—Axe credit for child care
—Repeal green energy tax credits
—Take away mortgage interest deduction
—Raise taxes on single parents
—Raise taxes on students
—Axe credit for child care
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They also want to tax hospitals and eliminate the charitable deduction for donations to hospitals.
Weird as hell.
Weird as hell.
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But the hits to working families don't stop with the tax code.
The memo proposes a $1.9 TRILLION tariff on all imports.
Since tariffs mean higher costs, that amounts to essentially a $2 trillion tax on working people.
Incredible.
The memo proposes a $1.9 TRILLION tariff on all imports.
Since tariffs mean higher costs, that amounts to essentially a $2 trillion tax on working people.
Incredible.
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They're also going after the neediest among us:
—Make it harder to adjust the poverty line for inflation
—Chip away at Supplemental Security Income (SSI)
—Chip away at Temporary Assistance for Needy Families (TANF)
—Chip away at Supplemental Nutrition Assistance Program (SNAP)
—Make it harder to adjust the poverty line for inflation
—Chip away at Supplemental Security Income (SSI)
—Chip away at Temporary Assistance for Needy Families (TANF)
—Chip away at Supplemental Nutrition Assistance Program (SNAP)
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The memo also outlines several methods to weaken:
—The Affordable Care Act
—Medicaid
—Nursing home staff
—Medicare
What we're seeing here amounts to taking away healthcare to pay for tax cuts for the wealthy.
—The Affordable Care Act
—Medicaid
—Nursing home staff
—Medicare
What we're seeing here amounts to taking away healthcare to pay for tax cuts for the wealthy.
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Consumer protection also goes out the window. The memo has cuts to:
—Securities & Exchange Commission
—Consumer Financial Protection Bureau
—Office of Financial Research
—Fannie Mae/Freddie Mac
Expect even less help when scammed and price-gouged by greedy corporations.
—Securities & Exchange Commission
—Consumer Financial Protection Bureau
—Office of Financial Research
—Fannie Mae/Freddie Mac
Expect even less help when scammed and price-gouged by greedy corporations.
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The memo is exacting when it comes to climate change:
—Scraps funding to address air pollution at schools
—Cuts research for weather forecasting, climate, and hurricanes
—Expands offshore drilling
—Expands coal use
—Cuts National Parks conservation funds
And much, much more.
—Scraps funding to address air pollution at schools
—Cuts research for weather forecasting, climate, and hurricanes
—Expands offshore drilling
—Expands coal use
—Cuts National Parks conservation funds
And much, much more.
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If you were going to write a playbook to cut taxes for the wealthy and corporations and make working peoples' lives worse to pay for it, this would be it.
You can read it in full for yourself right here:
finance.senate.gov/imo/media/doc/…
You can read it in full for yourself right here:
finance.senate.gov/imo/media/doc/…