A leak of documents called the “Paradise Papers” show how tax loopholes preserved by the GOP tax plans allow the ultra-rich to hide their wealth offshore, depriving the U.S. of about $70 billion in annual tax revenue. Email and call Sen. Collins and demand that the Senate tax reform plan eliminate all loopholes that allow the rich and big business to avoid paying taxes.
Update 11/16: The House passed its tax plan. The Senate will vote after Thanksgiving.
The GOP House and Senate have now both released their tax reform plans. Although there are some differences between the two, both give massive tax breaks to the wealthy and pay for them by cutting important programs like Medicaid, Medicare, and Pell grants, or by increasing the taxes paid by the poor and middle classes. Under their plans, the richest 0.1 percent of Americans will get an average $278,370 reduction in their tax bill by 2027, while the poorest two-fifths of the country get around $25. The plans are so badly conceived that 400 millionaires even wrote a letter to Congress asking members NOT to reduce their taxes. Meanwhile, an anonymous leak of 13.4 million documents reveal the off-shore financial holdings and tax dodging methods of the world’s wealthiest people and corporations. Called the Paradise Papers, the documents show the arrangements that powerful businesses and wealthy individuals use to dodge an estimated $70 billion in taxes each year. The GOP tax plans do nothing to reform this loophole-riddled system (they actually add a few new ones), and instead bolster a system in which lower- and middle-class Americans shoulder an unfair portion of our nation’s tax burden. Senator Angus King and Congresswoman Chellie Pingree have both been outspoken about the damage the GOP’s plans would cause. Susan Collins expressed mild concern about some of the tax cuts for the wealthy. Bruce Poliquin says he will vote for the plan.
Call and email Bruce Poliquin and Susan Collins. Tell Poliquin that you are outraged that he voted for a plan that gives tax breaks to wealthy businesses and individuals who are already benefiting from a shoddy, loophole ridden system, and tell Collins to vote NO on any Senate bill that does the same. Ask what the congressman/senator is doing to close the kinds of loopholes exposed in the Paradise Papers. Tell them that you won’t stand for a single penny in program cuts until the estimated $70 billion in stolen tax money is retrieved from those offshore accounts.