On Tax Day, Rep. Johnson Slams GOP Tax Scam’s Sell-Out of Medicare, Medicaid, Social Security and Working Families
DECATUR, GA – Today, as Georgians file their 2017 taxes, Rep. Hank Johnson (GA-04) blasted the GOP tax scam’s massive giveaways to corporations and the wealthiest 1 percent delivered at the expense of Medicare, Medicaid, Socials Security and working families.
“The GOP tax scam mortgaged the future of our seniors and our families in order to give even more money to Wall Street, pharmaceutical companies, big corporations and the wealthiest 1 percent,” said Rep. Johnson. “Families around the kitchen table aren’t seeing what Republicans promised, but the corporations shipping jobs overseas and the pharmaceutical companies raising drug prices on our seniors are raking in massive windfalls from the tax scam. And again and again, we see how Republicans plan to use the $2 trillion in additional deficits their GOP tax scam has created to justify ransacking Medicare, Medicaid and Social Security.”
Recent reports and analyses of the GOP tax scam have detailed the immense windfalls going to wealthy special interests, while working families are left behind:
- Wealthy corporations are reaping massive windfalls from the giveaways in the GOP tax scam, with almost two-thirds of the corporate windfall from the GOP tax scam being spent on buybacks, dividends, mergers and acquisitions, according to Morgan Stanley. Just 13 percent would go toward bonuses and raises. Many corporations pocketing massive windfalls from the tax scam are actually laying off thousands of workers.
- Pharmaceutical companies are hoarding multi-billion dollar GOP tax scam payouts, spending tens of billions on buybacks to enrich wealthy shareholders while continuing to raise drug prices on seniors and families.
- Wall Street will continue to be one of the biggest beneficiaries over the long-run, according to a new report from Ernst & Young.
- Deficits from the GOP tax scam continue to grow, as last week the non-partisan Congressional Budget Office reported that the Republican tax bill will add even more to deficits than originally estimated: now nearly $2 trillion.
Calculations from the Tax Policy Center show that, nationwide, the GOP tax scam will ultimately raise taxes on 86 million middle class families and hand 83 percent of its tax breaks to the wealthiest 1 percent alone. The Tax Policy Center calculations also suggest that a full-time unmarried worker without kids, earning Georgia's minimum wage of $7.25/hr, would see a tax payout of only about $5.50 in their twice a month paycheck. According to a recent CNBC poll, more than half of working Americans – 52 percent – say they’ve seen no change in their withholding taxes.
"Seniors, children and working families will all be made to suffer for the Republicans' reckless giveaways to corporations and the wealthiest 1 percent,” said Rep. Johnson.
“The American people deserve far better than this cynical special interest GOP Tax Scam,” said Rep. Johnson. “Democrats will continue to fight to give the American people A Better Deal, with Better Jobs, Better Wages, Better Future.”