San Diego, CA — Congressional Republican leaders are preparing to unveil a plan next week that will focus heavily on slashing taxes for the richest Americans. On Thursday, September 21, Rep. Scott Peters (D-CA) will join a San Diego small business owner and experts from the Main Street Alliance and the Center for American Progress Action Fund for a press call to outline how the majority’s plans will ignore small businesses and working- and middle-class Americans in order to gift huge and unnecessary tax cuts to the richest Americans.
President Donald Trump’s latest tax plan and House leaders’ “Better Way” plan both feature a huge tax cut for passthrough businesses, which the White House and Congressional majority like to tout as a tax cut for small businesses. However, the biggest beneficiaries of a cut to the passthrough rate are anything but small businesses. Some of the largest and most profitable companies in the United States are organized as passthroughs, including the Trump Organization, hedge funds, and other financial firms, lobbying firms, and law firms. According to the Tax Policy Center, less than 1 percent of the passthrough tax cut would go to taxpayers with annual incomes less than $200,000 under the Trump plan, while less than 3 percent of that tax cut would go to those taxpayers under the House GOP plan.
WHO:
Rep. Scott Peters (D-CA)
Brian Haghighi, Co-founder, FruitCraft
Amanda Ballantyne, National Director, Main Street Alliance
Seth Hanlon, Senior Fellow, Center for American Progress Action Fund
WHEN:
Thursday, September 21, 2017, at 10:30 a.m. PDT/1:30 p.m. EDT
CALL-IN INFORMATION:
Please RSVP to [email protected] to receive the call-in information.