Home | Menu | Sign Up | Donate

UPDATE: The Tax Scam

While America has been waiting for President Trump's promised trillion dollar infrastructure investment, Republicans in Congress designed a tax package giving away $3 trillion dollars to the wealthiest in our country. Every single tax cut means less revenue for the federal government and moves us further away from investing in infrastructure, creating jobs and strengthening the economy for everyone. Sadly, the #GOPTaxScam is taking our country in the opposite direction and here's how:

  • One provision in the tax bill, the estate tax exemption, was doubled from $11 million to $22 million. This alone cost America's taxpayers almost $100 billion dollars. The tax break given to America's top earners, those making more than $500,000/year, cost American taxpayers $130 billion dollars. Perhaps the most outrageous of them all, the pass-through credit, is really a wolf in sheep's clothing designed to give wealthy passive investors the largest benefit. Coincidentally, in his financial disclosure forms, the President declared ownership of 500 pass through businesses. He will receive a tax break for each one. This one cut cost America's taxpayers $300 billion dollars. Lastly, the GOP plan slashes the corporate tax rate from 35% to 21%, a $1.4 trillion handout to large corporations. These four items items alone cost our nation almost $2 trillion dollars and provides no benefit to our country as a whole.

  • If Congress invested $2 trillion dollars in infrastructure we could have rebuilt our crumbling roads, bridges, and highways. We could have bettered our nation for future generations by improving wastewater plants to protect our rivers and precious drinking water. We could have invested in our children and rebuilt schools that are in dire need of repair. If Congress directed $2 trillion dollars to infrastructure investment we could have created 26 million jobs this year! That's how you get this country moving and restore access to the American dream for everyone!

  • My colleagues across the aisle argue that providing these tax breaks will lead to a "trickle down" effect in the economy and that may be true. They'll create jobs by hiring more butlers, chefs, gardeners, and maintenance workers to wax their luxury yachts.

While President Trump and the GOP are popping bottles of champagne to celebrate, I'll be thinking about the 26 million jobs that we could have created and doing everything in my power to protect Americans from additional tax hikes and cuts to our critical social programs.

Join the conversation and share this on Facebook!

Posted on December 21, 2017.

As Independent as Oregon.

Peter DeFazio's common-sense proposals aim to create good-paying jobs, expand access to affordable health care and develop options outside of the for-profit marketplace, restore economic and educational opportunities, hold government accountable and tip the scales of inequality back in favor of hard-working Oregonians.

Meet Peter