September 27, 2019 Press Releases

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.

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:

Read more coverage

Vox: The GOP tax law’s lopsided giveaway to corporations, explained in one sentence — Congress’s official think tank finds the Republican tax cuts helped corporations, not workers.

HuffPost: GOP Tax Law Doing Little For The Economy, Even Less For Workers: Congressional Study

CNBC: Trump tax cuts did little to boost economic growth in 2018, study says

The Hill: Trump’s tax law had small effect on economy, wages: Study

New York Magazine: Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money

Washington Post: A new report further undermines Trump’s claim that the tax cuts were economic ‘rocket fuel’

CBS News: Corporate America paying its lowest share of taxes since Eisenhower

New York Times: Low-Income College Students Are Being Taxed Like Trust-Fund Babies

CNN: Tax overhaul means some Gold Star families paying much higher taxes on survivor benefits

Read more from the Arizona Democratic Party

REPORTS: McSally Tax Law Boosts CEOs, Leaves Working Families Behind

McSally Tax Law Shifts Burden From Corporations To Arizonans

More Coverage: Martha McSally’s Tax-Cuts-For-Billionaires Giveaway

Big Corporations, Ultra-Rich Get Richer Under McSally Tax Law

Top Republican Admits McSally Tax Giveaway Won’t Pay For Itself