Warren, Markey, Whitehouse Blast Chamber of Commerce "Cheerleading" Republicans' Radical Debt Ceiling Hostage Demands While Lobbying for Tax Breaks for Giant Corporations

Press Release

"House Republicans are using the debt ceiling to hold the U.S. economy hostage and demand massive cuts to critical programs relied on by millions of hardworking Americans. At the same time, these Republicans plan to turn around and introduce a tax package next month that will reportedly include proposals to extend [Tax Cuts and Job Act] tax giveaways, which could add a staggering additional $3.5 trillion to the deficit. Meanwhile, the Chamber continues to lobby for these outrageous tax breaks for its giant corporate members… the Chamber appears to be fully in support of this shameless hypocrisy.

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[Republicans' reported new tax package] would bring the total cost of these Republican tax cuts to over $5.4 trillion over 15 years. Republicans spent $1.9 trillion on the first 10 years of TCJA tax cuts -- with the richest 20% of Americans getting 72% of the benefits, and the richest 1% alone getting 27% of the benefits. If not for those Trump tax cuts, along with the Bush tax cuts and their extensions, U.S. debt would actually be declining as a share of GDP. Now, Republican proposals to make temporary TCJA tax giveaways permanent would add an additional $3.5 trillion to the deficit over the next 10 years, according to a new estimate by the Congressional Budget Office. Once again, the richest 20% would receive nearly two-thirds of the tax cuts and the richest 5% nearly 40%."

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