Rep. Doggett Offers Amendment to Prevent More Multinational Corporation Giveaways Until GOP Delivers on $4,000/Family Promise
***Press Release***
FOR IMMEDIATE RELEASE September 13, 2018 | Contact: Kate Stotesbery 202-225-4865 |
Rep. Doggett Offers Amendment to Prevent More Multinational Corporation Giveaways Until GOP Delivers on $4,000/Family Promise
Washington, D.C. — U.S. Congressman Lloyd Doggett (D-TX), Ranking Member of the Tax Policy Subcommittee of Ways & Means, offered an amendment to prevent more tax breaks for multinationals until Republicans deliver on Trump's promise of wage increases for working families. Watch his full remarks here. Excerpts below:
"To sell this sorry tax bill, the Trump Administration told a number of whoppers. But one of the biggest whoppers is this one, from the Executive Office of the President, on November 14, 2017: When they told us that this tax bill would increase average household income by at least $4,000 annually. $4,000 every year as a result of this sorry tax bill.
This amendment is about holding them to their word, putting their money where their mouth is. It would not let multinational corporations get any further tax breaks until Republicans keep their commitment to deliver the $4000 per family. The latest overpromised but underdelivered gimmick Americans were unexpected to fall for is that these tax breaks for giant corporations would trickle down to families.
Their core argument was: ‘Trust us, slashing corporate taxes would inevitably lead to higher wages.' No matter that large multinationals were already reaping historic profits and had plenty of cash to share with their workers if they had chosen to do so. Like Mexico paying for the wall, that $4,000 promised to working families never seemed to show up. Where did the tax breaks go? So far, corporations have spent over 100 times as much to reward shareholders to reward stock buybacks as they have sent on wage hikes and bonuses."
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