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Peter DeFazio for Congress

Billionaires: 1; Working Americans: 0

by Peter DeFazio

The Republican leadership gave Americans our first look at their tax plan last week, and it's more of a disaster than we expected. Here's the basic gist:

Wealthy people get a big tax cut. Super wealthy people get a super big tax cut. Billion-dollar corporations get obscenely large tax cuts. Hardworking families see a tax increase, plus cuts to Medicare, cuts to Medicaid, and more.

We need to reform our tax code to work in favor of working people, not rig the system even further to benefit the wealthiest Americans.

Trump and the GOP are trying to ram through tax giveaways to their wealthy campaign donors that are paid for by middle class tax increases. I'm calling for them to pay their fair share – in particular, Wall Street gamblers like Robert Mercer making huge stacks of cash through high frequency trades.

Essentially, high frequency trading (HFT) involves using a computer to buy and sell huge sums on the stock market and make millions of dollars in the time it takes most of us to brush our teeth. And they do it by putting our pensions, our kids' college accounts, and even our employment at risk.

That's why I've introduced the Putting Main Street FIRST Act – to hold Wall Street accountable for the disruption those trades cause and to curb our risks. The bill would fund higher education and invest in our crumbling infrastructure, creating tens of thousands of living wage jobs.

Unfortunately, many Republicans in Congress are all too eager to jump to the defense of the wealthy traders who bankroll their campaigns. Hardworking Americans end up holding the bag when a few greedy hedge fund managers throw the economy into a tailspin.

Regardless of what the Republican tax "plan” suggests, I think it's well past time for millionaire Wall Street speculators to play by the same rules as everyone else. I'm going to keep up the fight in Congress — and I hope you're with me.

Peter

Posted on November 9, 2017.