The 2017 GOP Tax Law Stuffed with Giveaways for the Rich, Earns ‘Turkey of the Year’ Award
Des Moines, Iowa -- As Iowans prepare to carve their turkeys this Thanksgiving, Fairness for Iowa is recognizing the 2017 GOP Tax Law as this year’s “Turkey of the Year.”
Progress Iowa’s Executive Director, Matt Sinovic, said that while the law was billed as a win for working families, it ended up only delivering table scraps–saving the biggest portions for corporations and the wealthiest individuals.
“Much like a dry Thanksgiving turkey, the GOP’s tax policies left most families disappointed and hungry for real solutions,” Sinovic said. “It’s been nothing but a turkey trot for working families who have been stuck with crumbs while the ultra-wealthy gobbled up the gravy.”
The GOP tax plan promised a full Thanksgiving spread, but here’s what it really delivered:
Gravy Train for the Rich: Big corporations and the wealthiest people get to stuff their pockets with massive tax breaks as they continue jacking up prices for everyday people and raking in massive profits.
Mashed Expectations: Billed as tax cuts for everyone, millionaires and billionaires got huge tax breaks, while most middle- and low-income families saw only modest reductions in their taxes, and some got no tax cut at all. In fact, the wealthiest top 0.1% will receive an average tax cut that’s more than 500 times the average reduction for the bottom 60% of households.
Burnt Biscuits: These cuts threaten to scorch funding for programs that many Iowans rely on like Medicare and Social Security and leave everyday people footing the bill.
Cornucopia of Corporate Tax Breaks: While working families get next to nothing, the wealthy continue to avoid paying their fair share and feast on a cornucopia of corporate tax breaks permanently.
Pie in the Sky: The benefits of the pass-through deduction are heavily skewed toward the wealthy, failing to prioritize local small businesses.
Fairness for Iowa is calling on Representative Zach Nunn and other members of Congress to not extend these tax cuts for the ultra-wealthy, and make them pay their fair share so that everyday people get more than just the leftovers.