Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

House Majority Leader Kevin McCarthy (R-Calif.), Speaker of the House Paul Ryan (R-Wis.) and House Ways and Means Committee Chairman Kevin Brady (R-Texas) applaud with their fellow House Republicans during a news conference following the passage of the Tax Cuts and Jobs Act in the Rayburn Room at the U.S. Capitol November 16, 2017 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images)

'Welfare for the Wealthy': 227 House Republicans Pass $1.5 Trillion Tax Cut for Corporations and the Rich

"It's immoral that many hardworking families will pay a higher tax bill or lose access to critical services like healthcare so that some CEO can get a bigger bonus and buy a bigger yacht."

Jake Johnson

By a vote of 227-205, House Republicans on Thursday passed a tax bill that would permanently cut taxes for massive corporations, reward the extremely wealthy by eliminating the estate tax, trigger billions of dollars in automatic cuts to Medicare, and raise taxes on millions of middle- and working-class families. 

"With this bill, the House GOP is moving to rig the system further for the powerful and elite against everyday Americans," Frank Clemente, executive director of Americans for Tax Fairness, said in a statement following Thursday's vote. "It's immoral that many hardworking families will pay a higher tax bill or lose access to critical services like healthcare so that some CEO can get a bigger bonus and buy a bigger yacht. Millions of Americans in the middle and at the bottom will be the losers from this tax plan, while the wealthiest will benefit."

According to an analysis released by the Joint Committee on Taxation, everyone earning under $75,000 a year would on average see their taxes rise by 2027 under the House's plan. The wealthiest Americans and the largest corporations, by contrast, would see their taxes fall drastically.

As the Washington Post notes, the House bill—which calls for $1.5 trillion in tax cuts—"delivers more than 80 percent of its overall cuts to corporations, business owners, and wealthy families who are subject to the federal estate tax."

It is these facts that led Terrence Meehan of the Patriotic Millionaires to label the House GOP's plan "welfare for the wealthy" in a video published following Thursday's vote.

Watch:

 The House's approval of the tax plan was a major step toward President Donald Trump's expressed goal of ramming through tax cuts by the end of the year.

The Senate Republicans are expected to vote on their own plan before Thanksgiving. In addition to providing similarly enormous tax cuts to the rich while hiking taxes on millions of middle class and poor families, the Senate bill also includes a provision that repeals the Affordable Care Act's individual mandate, which the Congressional Budget Office has estimated would strip healthcare from 13 million Americans.


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Massive Demonstration of Support for Lopez Obrador in Mexico City

AMLO was elected in 2018 and heralded as the Bernie Sanders of Mexico

Common Dreams staff ·


Scientists Revive ‘Zombie’ Virus After 50,000 Years Trapped in Siberian Permafrost

Researchers documented 13 never-before-seen viruses that have been lying dormant, frozen in thick ice, over tens of thousands of years.

Common Dreams staff ·


'Cleaner Air Is Coming' as London Expands Vehicle Pollution Fee to Entire Metro Area

"Around 4,000 Londoners die prematurely each year because of long-term exposure to air pollution, with the greatest number of deaths in outer London boroughs," noted Mayor Sadiq Khan in announcing the expansion.

Brett Wilkins ·


'Amazing News': Historic Shark Protections Approved at Global Wildlife Convention

Up to 90% of sharks targeted by the lucrative fin trade will now be protected, said one advocate.

Julia Conley ·


'The Nightmare Materializes': Far-Right Extremist Itamar Ben-Gvir to Be Israel's National Security Minister

The Foreign Affairs Ministry of the Palestinian Authority said Ben-Gvir's elevation to national security minister could have a "catastrophic impact on the Israeli-Palestinian conflict."

Jake Johnson ·

Common Dreams Logo