{"id":25206,"date":"2021-02-03T19:20:44","date_gmt":"2021-02-03T19:20:44","guid":{"rendered":"http:\/\/radiofree.asia\/?guid=ca1e5c7725de8d882417147af64bdadc"},"modified":"2021-02-03T19:20:44","modified_gmt":"2021-02-03T19:20:44","slug":"120-democrats-demand-repeal-of-millionaire-tax-cut-gop-buried-in-last-covid-bill","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/02\/03\/120-democrats-demand-repeal-of-millionaire-tax-cut-gop-buried-in-last-covid-bill\/","title":{"rendered":"120 Democrats Demand Repeal of Millionaire Tax Cut GOP Buried in Last COVID Bill"},"content":{"rendered":"\"Chuck<\/a>

A group of 120 Democratic members of Congress is calling on their party’s leadership to ensure that a <\/span>tax break for millionaires<\/a> <\/span>that Republicans quietly buried in an earlier coronavirus relief package is repealed in upcoming aid legislation, arguing the rollback would free up hundreds of billions in revenue which could be used to help struggling families.<\/p>\n

Led by Reps. Lloyd Doggett (D-Texas), Rosa DeLauro (D-Conn.), Steve Cohen (D-Tenn.) in the House and Sen. Sheldon Whitehouse (D-R.I.) in the Senate, the coalition of lawmakers sent a <\/span>letter<\/a> <\/span>to Democratic leaders on Tuesday demanding the reversal of “costly tax breaks for so-called ‘net operating losses’ that Republicans tucked into the CARES Act,” a $2 trillion relief measure that former President Donald Trump signed into law last March.<\/p>\n

“These special-interest giveaways will confer over 80 percent of the benefits to just 43,000 taxpayers, each earning at least $1 million per year,” reads the letter to Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.). “We urge you to repeal these unwarranted tax cuts, as HEROES and HEROES 2.0 proposed and President Biden has recommended. This would save over $250 billion, which should be repurposed to help Americans who have lost income due to the pandemic and its economic fallout.”<\/p>\n

“In addition to presenting immediate hardships, the Covid-19 pandemic has laid bare and magnified our nation’s troubling economic inequality,” the letter continues. “Relief must address this inequality, not exacerbate it. The CARES net operating loss provisions will further worsen economic inequality by providing an average tax break of $1.6 million to just 43,000 very high-income taxpayers. This is unacceptable, especially when compared to the limited relief most Americans have received.”<\/p>\n

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Republicans buried an obscene tax giveaway in the CARES Act that gave $250 billion to the 1% instead of $2000 to working families.<\/p>\n

Proud to join @RepLloydDoggett<\/a> & @RosaDelauro<\/a> in leading a letter w\/ 120 colleagues urging leadership to repeal the windfall.https:\/\/t.co\/wPT1r7nn3f<\/a><\/p>\n

— Steve Cohen (@RepCohen) February 2, 2021<\/a><\/p><\/blockquote>\n