Democrats Prioritize Tax Fairness, Extreme MAGA Republicans Scheme to Make the Rich Richer

Mar 22, 2023

President Biden, Congressional Democrats Prioritize Tax Fairness, Fiscal Responsibility

  • Reduce the deficit by $3 trillion over the next decade by making the wealthy and corporations pay their fair share, cracking down on fraud, and cutting wasteful spending on Big Pharma, Big Oil, and other special interests.
    • The Biden Budget will not raise taxes by a penny on anyone earning less than $400,000 a year.
  • Ensure that the wealthiest individuals and largest corporations pay their fair share, and use the savings to invest in America, lower costs for working families, and improve our fiscal standing.
    • Reverse the Trump Tax Giveaways to the ultra wealthy and large corporations.
    • Reform the international tax system to stop the race to the bottom in international corporate tax and ending tax breaks for offshoring.
    • Pass a 25 percent billionaire minimum tax on the wealthiest 0.01 percent of Americans (those worth more than $100 million a year).
    • Eliminate the carried interest loophole, a wasteful tax giveaway that allows wealth investment fund managers avoid tax on their earnings.
    • End loopholes that let billionaires exploit middle-class retirement savings incentives.
    • Eliminate other wasteful tax loopholes like the “like-kind exchange” real estate loophole.
  • End wasteful spending to special interests, Big Oil, and Big Pharma.
    • Expand Medicare’s ability to negotiate lower prescription drug prices for American seniors and the federal government.
    • Hold drug companies accountable if they increase prices for commercial plans faster than inflation.
    • Prohibit drug manufacturers from charging excessive prices to Medicaid.
    • Eliminate tax subsidies for oil and gas.
    • Eliminate tax subsidies for cryptocurrency transactions.
  • Crack down on bad actors, systemic fraud, and identity theft.
  • Save taxpayer dollars by making existing programs more efficient and effective.

Extreme MAGA Republicans Scheme to Make the Rich Richer, Raise Taxes on Families, Explode the Deficit

  • Increase taxes on middle-class families by passing a 30 percent flat tax on all goods, from the grocery store to the gas pump, adding nearly $10 trillion to the deficit over 10 years.
  • Subsidize the super wealthy and big corporations with trillions in tax handouts that explode the deficit and provide no measurable economic benefits to middle class families.
  • Extend the deficit-busting Trump Tax Giveaways to the wealthy, increasing the deficit by $2.7 trillion by giving the top 0.1 percent — with incomes over $4 million per year — a $175,000 annual tax cut, over 2.5 times a typical family’s annual income.
  • Allow wealthy people and corporations to cheat on their taxes by repealing tax enforcement provisions in the Inflation Reduction Act, increasing the deficit by $114 billion.
  • Repeal reforms that lower prescription drug prices — giving Big Pharma a windfall, raising  costs for seniors, and adding $200 billion to the deficit.
  • Enrich multinational corporations that don’t pay their fair share in taxes by repealing President Biden’s corporate minimum tax, adding $222 billion to the deficit.
  • Help corporations funnel tax-preferred profits to shareholders instead of investing in productivity and the broader economy, adding $74 billion to the deficit.