Just Taxes Blog by ITEP

Senate Bill Addresses Unprecedented Health and Economic Crisis with Wrong-Headed Corporate Tax Cuts

Senate Bill Addresses Unprecedented Health and Economic Crisis with Wrong-Headed Corporate Tax Cuts

March 19, 2020

Amy Hanauer
Amy Hanauer
Executive Director

Following is a statement by Amy Hanauer, ITEP’s executive director, regarding the GOP aid plan introduced today by the Senate:

“People across the U.S. are reeling. Stores are closing. Travel is restricted. Unemployment is spiking. Families and communities need universal help. This bill does not meet the needs of this moment and will leave us with an economy that can’t recover.

“The plan’s direct assistance is small relative to other proposals and leaves out far too many families. It nonsensically bases eligibility for rebate checks on 2018 income, even though many who had income in 2018 are losing their jobs today. Some low-income families may receive no benefit. While arbitrarily leaving out some families, the plan heaps largesse on corporations. It provides $58 billion to airlines, despite the fact that seven of the largest U.S. airlines collectively paid less than 2.3% in taxes over the last two years. It retains huge corporate tax cuts from the 2017 Trump-GOP tax law, while getting rid of modest provisions that had raised some revenue to offset those cuts.  

Senator McConnell is dividing Americans at a time when we need to come together.”

 

 



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