September 14, 2020
THE PROMISE: SMALL BUSINESSES WILL RECEIVE A BIG TAX CUT
“The large number of pass-through returns, [98 percent], are all $500,000 or less. Those people will get substantial reductions — small and medium-size businesses.” – Treasury Secretary Steven Mnuchin, Nov. 17, 2017 [CNBC] Source: Internal Revenue Service, SOI Tax Stats 2018, “Qualified Business Income Deduction.” https://www.irs.gov/statistics/soi-tax-stats-individual-income-tax-returns-with-small-business-income-and-losses More than one-third of this so-called “small” business tax […]
The Unity Task Force of the Biden and Sanders presidential campaigns released a 110-page set of recommendations on July 8 covering a wide array of public policy proposals, including progressive tax proposals. Below is Americans for Tax Fairness’s analysis of the proposals and a statement from Frank Clemente, ATF’s executive director. “We welcome the Unity […]
The Unity Task Force of the Biden and Sanders presidential campaigns released a 110-page set of recommendations on July 8 covering a wide array of public policy proposals, including progressive tax proposals. Below is Americans for Tax Fairness’s summary of the tax proposals and a statement from Frank Clemente, director of Americans for Tax Fairness. […]
As action shifts to the U.S. Senate for a new round of COVID-19 financial relief and recovery legislation, Americans for Tax Fairness and its coalition partners sent letters to the U.S. Senate today calling for the repeal of the costly “Millionaires Giveaway” that was part of the CARES Act passed in March (and repealed in […]
June 9, 2020 Dear Senator: As you consider the next coronavirus relief and recovery legislation, we urge you to support repeal of costly tax breaks for millionaire business owners and corporations contained in the CARES Act and to oppose any other tax cuts for the rich and corporations in future COVID-19 relief and recovery bills. […]
House Passage Claws Back ‘Millionaires Giveaway’ in CARES Act; Big Win for Tax Fairness Cleansing not only the CARES Act but the 2017 GOP tax law as well of a huge tax handout to wealthy business owners, the House of Representatives today passed the pandemic-relief HEROES Act, which would repeal the notorious “Millionaires Giveaway.” While […]
HEROES Act Would Close $135 Billion Loophole for Rich Opened by CARES Act Proving the power of an outrage-fueled reform effort, a $135 billion tax handout to the rich slipped into the coronavirus relief law enacted in March is slated for repeal in the latest pandemic measure unveiled yesterday by House Speaker Nancy Pelosi. The […]
In recent days since it was unveiled that millionaires, hedge fund owners and real estate developers were receiving a $135 billion tax break in the coronavirus relief package known as the CARES Act, momentum to repeal the provision has surged with both the U.S. Senate and House of Representatives taking action. The Millionaires Giveaway was […]
43,000 Millionaires, Maybe Trump, Get $1.6M Average Windfall This Year, Dwarfing Average American’s $1,200 Check; Billions Wasted As State And Local Governments Struggle Leading members of Congress and a broad coalition of advocacy groups under the Americans for Tax Fairness umbrella have launched a campaign to repeal a huge tax break for millionaires included in […]
Rich Business Owners—Maybe Including Trump—Allowed Costly Break on Old Losses Little noticed when the $2.2 trillion Coronavirus rescue package was enacted were two expensive tax breaks for corporations and wealthy business owners snuck into the CARES Act that are starting to garner critical attention and opposition. Joe Biden is just one political leader pushing back […]