More than a billion dollars going to the banks each month, but millions of families are looking around and wondering when they're going to see those raises they were promised.
Ron Wyden
The Public Record
Ron Wyden is an American politician serving as the senior United States senator from Oregon, a position he has held since 1996. A member of the Democratic Party, Wyden has been a prominent advocate for civil liberties, healthcare reform, and technology policy. Throughout his tenure, he has focused on issues such as privacy rights, government surveillance, and access to healthcare, often emphasizing the importance of transparency and accountability in government actions.
Nearly half of the benefit of the new pass-through rate is going to taxpayers with incomes of $1 million or more.
The overwhelming majority of individual taxpayers--it's barely registered with them at all.
The new Republican tax law is shaping up to be one of history's most expensive broken promises, right up there with 'we will be greeted as liberators.'
We do need these higher wages and we do need this stronger economy to bring them into the workforce.
The only thing that has been guaranteed about this tax bill is that there is going to be a lack of certainty, because it was not bipartisan.
That promise to the middle-class worker that, on average, they were going to get a $4,000 pay raise, has not been kept.
Certainly, for everybody in English, it sure does not sound like putting America first.
Despite the President's claims to put America first, he squarely put American factory jobs second.
The complexities, et cetera, are going to eat up any of the advantages and this is really just an extension of relief going to bigger companies.
We have a tax cut here that the independent scorekeepers have said disproportionately goes to the people at the top.
The JCT finding--which shows that a little under half of the benefit this year will go to the .3 percent of Americans making over a million dollars--demonstrates both the regressivity of the provision.
In those small communities on Main Street in eastern Oregon, when you think Main Street, you do not think of millionaires.
You need to point all the policy levers in the direction of solving those problems, and this is an important provision to do that.
I think that is a really important provision. One of the striking features of the recovery was not just the fact that it was so slow by historic standards, but it was so uneven geographically.
Supporters of the tax legislation will often justify the bill in terms of a rise in economic growth, but that effect is very small, could be better achieved in other superior ways.
This pass-through deduction for people earning business income that is taxed at the individual level represents the very worst kind of tax policy: regressive, complex, picking winners and losers in different sectors haphazardly.
Eventually, this tax cut will have to get paid for, and there is real risk that, when that happens, it will be low- to middle-income Americans who will be the ones bearing much of the burden.
The legislation provides the largest benefits to the highest-income Americans and seems likely to leave typical families worse off in the end.
This bill will not leave us with enough revenue to run a 21st-century government and adequately care for an aging population.
We are writing to express our interest in working with you on bipartisan tax reform.





