The CARES Act was supposed to offer much needed comfort to those suffering most from the pandemic. But hidden in the bill was an obscure $135 billion tax break for the richest 1%, slipped in by Senate Republicans. It gives 43,000 millionaires a $1.6 million tax break apiece in 2020. Everyone else only gets up to $1,200. Most of the benefits will go to owners of real estate firms (people like Donald Trump and Jared Kushner), hedge funds & private equity.
Leading members of Congress and a broad coalition of advocacy groups have launched a campaign to repeal this egregious #MillionairesGiveaway. The House did so in its HEROES Act passed in May. It would raise an additional $250 billion for pandemic relief. Now the fight is in the Senate, which will take up coronavirus relief and recovery legislation in late July. We need your support to help win this one for working families.
Call your Member of Congress.
Call your members of Congress at (202) 224-3121 now and tell them you want the Millionaires Giveaway repealed
My name is ______ from [city/town]. The Senate is putting together pandemic relief and recovery legislation to be voted on later this month. I want the senator to know my priorities, which are all contained in the HEROES Act, recently passed by the House of Representatives:
- Repeal the Millionaires Giveaway tax break. That will raise an additional $250 billion for pandemic relief.
- No new tax breaks for corporations and the wealthy.
- Support the $3 trillion level of funding in the HEROES Act. That’s what we need to keep expanded unemployment benefits for millions of people out of work. It’s what we need to keep state and local government services flowing – for education, healthcare, housing and public safety. It’s what we need to keep people in their homes and food on their tables.
Do this for working families. Millionaires and billionaires are doing just fine. Thank you.
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Want even more materials?
- HEROES Act raises $250 billion by repealing huge tax tax cut for the rich
- Big Win: Repeal of Millionaires Giveaway included in HEROES Act
- Fact Sheet: Repeal of the Millionaires Giveaway in the House HEROES Act
- Comparison of NOL Tax Provisions in CARES Act, HEROES Act, Whitehouse/Doggett Bills
- House and Senate co-sponsors of Whitehouse-Doggett bills to repeal the $135 billion tax break
- 237 groups oppose major business tax breaks in CARES Act.
- 56 national groups oppose major tax breaks for wealthy & corporations in next coronavirus relief and recovery package
- Press Release: DeLauro, Cohen, and 64 House Dems Call for Repeal of $135 Billion Tax Break for Real Estate Developers, Hedge Fund Owners.
- S. 3640 bill text to repeal the #MillionairesGiveaway and cosponsors
- H.R. 6579 bill text to repeal the #MillionairesGiveaway and cosponsors
- Media Memo: Repeal Effort Begins To Revoke Huge Tax Break For Millionaires In Coronavirus Aid Package
- Media coverage of the #MillionairesGiveaway repeal effort
- ATF Letter to Speaker Pelosi & Chairman Neal on CARES 2 Priorities