S/V Sundance: We should not be rubber-stamping Trump tax cuts for giant businesses.

Tuesday, November 28, 2023

We should not be rubber-stamping Trump tax cuts for giant businesses.

Faith,

Donald Trump's massive tax breaks for billionaires and giant corporations were bad enough — but now lobbyists are trying to make them even worse.

You see, some of the corporate tax cuts in the 2017 law came with expiration dates. But here's the thing: Republicans didn't actually think those giveaways would expire. They added expiration dates to shrink their bill's price tag, but they expected future Congresses to renew the tax breaks endlessly.

Right on cue, as three of the biggest giveaways are starting to expire, corporate lobbyists are working overtime in Washington to get them extended. Not on my watch. I'm fighting to make our country work for working people, not just the rich and powerful, and I'm doing everything I can to end these corporate tax breaks.

Now, lobbyists claimed that these three giant giveaways — bonus depreciation, R&D expensing, and the net interest deduction — were really important, because they'd spur American investment. But now we have data on how they've worked. Turns out, corporations used their extra cash to spend trillions on stock buybacks and dividends. So much for new investments.

One more thing: like they did in 2017, and like they've done so many times before, corporate lobbyists are asking for a temporary extension of these tax breaks — to make them look cheaper than they actually are. But they have every intention of pushing Congress to extend these tax cuts again and again and again, so their wealthy clients will never actually have to pay the bill.

Look, I get it: extending corporate tax breaks is really good for massive corporations. But it's really bad for the American people. We should not be rubber-stamping Trump tax cuts for giant businesses.

I'll keep doing everything in my power to make sure millionaires, billionaires, and giant corporations are paying their fair share. Last year, Congress passed my minimum tax on massive corporate profits, and I'm running for re-election to stay in the fight for plans like a wealth tax on fortunes greater than $50 million. I'm also working to end lobbying as we know it so big money won't have so much power in Washington.

And I'm able to stay in these fights because I'm shoulder to shoulder with people like you, Faith. Can you help grow our grassroots campaign and support my re-election with a donation of $28 or any amount?