McSally-GOP Tax Law Rewarding McSally’s Special Interest Backers
McSally-GOP Tax Law Still Rewarding McSally’s Special Interest Backers
Two years after the GOP tax law was first proposed, corporate profits and CEO pay have continued to rise, while hardworking Arizonans get left behind
PHOENIX — It’s been two years since Martha McSally and Washington Republicans first put forth their tax law proposal that has, as projected, disproportionately rewarded powerful corporations and the richest Americans while leaving hardworking families behind:
- “Twice as many companies paying zero taxes under Trump tax plan.” According to an analysis by the Institute on Taxation and Economic Policy, large corporations pulling in billions of dollars in profits are paying no income tax under the McSally-GOP plan. So far this year, at least six corporations that paid no federal corporate income tax in 2018 — including Chevron — have used their corporate PACs to support McSally’s reelection campaign.
- “Corporate American paying its lowest share of taxes since Eisenhower” — shifting the tax burden to individuals. As reported by CBS News, a report from the Internal Revenue Service found that “American companies are paying their smallest share of federal income tax revenue in nearly 60 years,” which has resulted in “individuals […] shouldering a larger share of the country’s tax burden.”
- “Very little growth in wage rates” for “ordinary workers.” While powerful corporations have reaped huge tax breaks under the GOP law, “ordinary workers had very little growth in wage rates,” according to a May report from the nonpartisan Congressional Research Service.
- “C.E.O. pay increased at almost twice the rate of ordinary wages.” But not all wages have been stagnant. According to an analysis by the New York Times, America’s richest CEOs are making more money than ever.
- “Almost 40% of Americans would struggle to cover a $400 emergency.” While corporations pay less in taxes while making millions in profits, and CEO pay continues to rise, a report from the Federal Reserve found that “almost 40% of Americans would still struggle in the face of a $400 financial emergency.”
Martha McSally and Washington Republicans gifted their big donors and corporate special interest backers a trillion-dollar tax cut, and they’re now using the cost of the tax cuts to argue for cuts to vital earned benefits programs that millions of Arizonans rely on.
This summer, two McSally Senate colleagues separately floated cuts to earned benefits programs. And earlier this month, a third McSally colleague strongly implied that Republicans should go “behind closed doors” to cut or otherwise jeopardize Social Security.
That’s nothing new for McSally, who has previously advocated for significant changes and cuts to Arizonans’ earned benefits, including:
- backing an increase to the Social Security retirement age;
- pushing for privatized Social Security accounts;
- supporting Paul Ryan’s plans to “end traditional Medicare“; and
- supporting a scheme to voucherize Medicare that the AARP said “shifts costs” onto seniors, and which would cause most beneficiaries to “pay more than under current law.”
Read more coverage
New York Magazine: Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money
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