July 31, 2019 Press Release

Martha McSally’s GOP Allies Push “Unilateral Tax Cut for the Rich”

Martha McSally’s GOP Allies in Washington Push “Unilateral Tax Cut for the Rich”

“The top 1% of households by income would receive 86% of the benefit from the change” 

PHOENIX — In the latest proof that Washington is working great for Republican mega-donors and corporate special interests but leaving hard-working Arizonans behind, U.S. Sen. McSally‘s GOP allies are pushing “a $100 billion tax cut mainly to the wealthy.”

Senate Republicans are calling for the capital gains tax to be indexed to inflation — a move that would “slash tax bills for investors when selling assets such as stock or real estate.” Once again, the vast majority of benefits would go to the richest Americans: “The top 1% of households by income would receive 86% of the benefit from the change.”

That would make Republicans’ latest proposed “unilateral tax cut for the rich” even more drastic than the McSally-backed 2017 tax law, which was projected to send 83% of its benefits to the richest 1% and big corporations like Pfizer and Exxon.

“Martha McSally and her Washington Republican allies keep looking for ways to further enrich their big donors and special interest backers, while health care costs and drug prices go up and working families get left behind,” said Arizona Democratic Party spokesperson Brad Bainum. “Washington isn’t working for hardworking Arizona families, and McSally is part of the problem.”

Read More:

New York Times: Trump Administration Mulls a Unilateral Tax Cut for the Rich

Vanity Fair: As Deficit Explodes, GOP Demands Emergency Tax Cut For The Rich

Bloomberg: White House Considers Capital Gains Tax Break That Would Benefit Wealthy

CNBC: Trump considers bypassing Congress to cut capital gains tax on wealthy, report says