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For Immediate Release

Contact

Sam Quigley, sam@patrioticmillionaires.org, 202-446-0489

Press Release

Republican Plan for Tax Reform 2.0 Would Help Millionaires and Billionaires, Hurt America

"Kevin Brady and his colleagues apparently feel the need to double down on their losing hand."
WASHINGTON -

This afternoon, in response to House Ways and Means Chairman Kevin Brady (R-TX) releasing details about House Republicans' Tax Reform 2.0 bill which they plan to mark up in committee next week, the Patriotic Millionaires issued the following statement:

"House Republicans seem determined to remind us that they're hopelessly corrupt. Despite every opinion poll clearly showing that the majority of Americans feel that last year's Republican tax bill was a payoff to wealthy donors, and rightly so, House Republicans are back at it again. Kevin Brady and his colleagues apparently feel the need to double down on their losing hand.

As if last year's $1.5 trillion handout to the wealthy wasn't enough, today's outline of their Tax Reform 2.0 includes a provision that would permanently enrich American millionaires. Their 'small business' tax cut would give billions of dollars in tax benefits to millionaires and billionaires who abuse accounting loopholes to register their personal income as a small business, all while employing no one but themselves. The 'small business' pass-through tax cut would overwhelmingly benefit Americans making over $1 million per year, with the top 1% of small businesses reaping most of the law's benefits. When 40% of Americans have trouble making enough money to cover even their basic needs, it's ridiculous for House Republicans to make a second round of tax cuts for millionaires their legislative priority."

For further comments or questions, please contact Sam Quigley at sam@patrioticmillionaires.org.

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The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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