House GOP Keeps the Party Going for Rich Donors with Tax Cuts 2.0

Tuesday, July 24

For Immediate Release

Tuesday, July 24, 2018

Contact: Sam Quigley

[email protected]

202-446-0489

 

Patriotic Millionaire Blast House GOP on Tax Cuts 2.0 Framework

“The first round of tax cuts was overwhelmingly skewed towards rewarding wealthy GOP donors rather than helping the middle class, and this second pass will be just as bad.”

 

Washington, DC – This afternoon, in response to the release of the House GOP framework for their attempt at tax reform 2.0, the Chair of the Patriotic Millionaires and former Blackrock managing director Morris Pearl issue the following statement:

 

“The new line from Republicans in Congress is that Americans are ‘better off’ because of last year’s tax cut, so we have to extend it. Well, some Americans are better off – people like me who are wealthy enough to not need work – but most Americans are still struggling. The first round of tax cuts was overwhelmingly skewed towards rewarding wealthy GOP donors rather than helping the middle class, and this second pass will be just as bad. The Tax Cuts and Jobs Act led to more money being funneled into the bank accounts of the ultra-rich while worker wages actually dropped, and there’s no reason for us to expect anything else from Tax ‘Reform’ 2.0. The framework says it expects GDP to increase by 2.2%, yet they only project wages to increase by 0.9% – even in their absolute most optimistic framing, they still admit that less than half the benefits of their bill will go to workers.”

 

For further comments or questions, please contact Sam Quigley at [email protected].

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About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at http://patrioticmillionaires.org/about/

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at http://patrioticmillionaires.org/media

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