Panels’  Wealthiest GOP Members Could Reap Up to $24M If Trump Tax Plan Is Adopted

Today, Americans for Tax Fairness released a new analysis of the personal finances of the Republican members who control the Congressional committees responsible for writing tax policy, the House Ways and Means Committee and Senate Finance Committee. The analysis reveals potential conflicts of interest between their official duties and personal interests and shows that the average GOP member on these critical committees is worth almost $15 million. If they succeed in their efforts to permanently extend the expiring portions of the Trump Tax Scam, the wealthiest Republican committee members could give themselves collectively a roughly $1.8 million annual income tax cut and their families a potential one-time estate tax cut of $22.8 million–a potential total of $24.6 million in tax cuts.

“The multimillionaire Republicans in charge of these key committees cannot properly represent average Americans’ tax and spending interests,” said ATF Executive Director David Kass. “Their prioritization of extending Trump’s tax scam demonstrates their disconnect from middle and working-class constituents’ needs. While wealthy Democrats also serve on these committees, they aren’t promoting continuing the entire Trump tax legislation which primarily benefits rich individuals and giant corporations—legislation that would add trillions to the deficit and threaten funding for Social Security, healthcare, education, housing and other vital public services. A system where millionaires vote for tax benefits favoring other wealthy elites undermines both our economy and democracy.”