On the recordJanuary 15, 2025
Thank you very much, Senator. I just can't believe we are talking about something that nobody wants, right? That is what this comes down to. The No. 1 priority for Republicans is extending and likely expanding a tax cut that benefits the wealthiest 1 percent, .1 percent in this country at a rate that dwarfs--dwarfs--the help for anyone else. The tax cut that we are talking about extending gives a tax cut to the top 1 percent of earners in this country that isn't 10 times bigger than working families at the bottom of the income scale; it is not 100 times bigger; it is not 500 times bigger. Taxpayers in the top 1 percent will get a tax cut 852 times larger than working families at the bottom of the income threshold--852 times bigger. What we have seen coming out of the pandemic is that while the broad middle of the country has been struggling, the wealthy have gotten richer and richer and richer. We have more billionaires than ever before in this country. The folks that don't rely on salaries, that can just plow their income and their earnings into the capital markets, have reaped huge, huge rewards. So the very, very wealthy in this country right now, at this moment in time, don't need any more help, and yet the average family that is in that top 1 percent bracket is going to get a tax cut on average of $70,000. Well, if you make $30,000 in this country, you are going to get about $100 back in your pocket.…
Source
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