Two Years Later: McSally Corporate Donors Reap Tax Law Benefits
Two Years After GOP Tax Law’s Passage: Martha McSally’s Corporate Donors Reap Tax Law Benefits
In 2018, 20 highly-profitable McSally corporate donors paid $0 in federal income tax on $50 billion in profits
PHOENIX — Two years after the passage of the 2017 GOP law, Martha McSally‘s corporate interest backers, including large corporations like Chevron, are reaping billions in tax cuts, while hardworking families get left behind.
This week, the Institute on Taxation and Economic Policy released a report highlighting that 91 large, highly-profitable corporations paid $0 federal income tax in 2018, due to the 2017 GOP tax law.
20 of those large corporations — which collectively made $50.3 billion in profits in 2018, while paying $0 federal income tax under the GOP law — have used their PACs to give McSally’s campaign $113,000 since her December 2017 vote for the GOP tax law, which she called “must-pass” legislation at the time.
While McSally’s corporate donors’ tax-cut savings are “trickling down” into Martha McSally’s campaign account, working families are not receiving the same benefits. Earlier this year, the nonpartisan Congressional Research Service reported that much of the tax law’s benefits have gone to stock buybacks and CEO pay increases, rather than wages for workers. And while corporate CEO pay keeps going up, 40% of Americans “would still struggle in the face of a $400 financial emergency,” according to a Federal Reserve report.
On top of that, McSally’s Republican allies in Congress have, for more than a year now, sought to use the cost of their corporate donors’ tax breaks to push for deep cuts to Medicare and Social Security — with McSally’s colleague Sen. Joni Ernst recently saying that Republicans should go “behind closed doors” to tackle retirement security cuts.
“Martha McSally’s continued support for the GOP tax law embodies why Arizonans don’t trust her: While her giant corporate special interest backers are now saving billions and paying zero taxes, McSally’s campaign is getting a windfall of donations and Arizonans are getting left behind,” said Brad Bainum, Arizona Democratic Party spokesperson.