• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home Business & Finance Economic Policies

‘Breaks for billionaires’ paid for ‘on the backs of working families’ targeted by critics todayheadline

February 8, 2025
in Economic Policies
Reading Time: 4 mins read
A A
0
'Breaks for billionaires' paid for 'on the backs of working families' targeted by critics
6
SHARES
14
VIEWS
Share on FacebookShare on Twitter

As the White House attempted to push the claim that U.S. President Donald Trump’s tax agenda is aimed at reducing financial burdens for working families, a fair taxation advocacy group on Friday issued a reminder about the rich corporations and CEOs who have aligned themselves with the administration—funding Trump’s election campaign and attending his inaugural events.

“Remind me, who was front and center at the inauguration? Oh right, billionaires,” said the group, Unrig the Economy, in an ad that was launched in Nebraska on Friday, referring to the tech moguls who were seated steps away from the Republican president as he was sworn in.

The ad was one of two unveiled by Unrig the Economy on Friday, with the group targeting Reps. Don Bacon (R-Neb.) and Mike Lawler (R-N.Y.)—both of whom have pushed for the Republican tax plan to include lifting the $10,000 limit on the state and local tax deduction (SALT), a move that would benefit wealthy households.

Both Bacon and Lawler won highly competitive reelection campaigns last year, and the ads targeting them “call on constituents to demand that their elected leaders oppose tax breaks for billionaires that will be paid for on the backs of working families,” said Kobie Christian, spokesperson for Unrig Our Economy.

“Many American families are already struggling with rising costs, and Trump’s tariffs and Republican-backed cuts to necessary programs that everyday people rely on would just make things worse,” said Christian. “Working-class people cannot afford to pay for these outrageous billionaire tax breaks supported by Rep. Lawler and Rep. Bacon.”

The ad targeting Lawler warns that the swing-district congressman’s proposals would “cut taxes for billionaires and make the middle class pay for it.”

Along with lifting the cap for the SALT deduction, the priorities Trump laid out for Republican leaders in a meeting on Thursday included an elimination of taxes on tips, overtime pay, and Social Security benefits; an end to tax breaks for sports team owners; the closing of the “carried interest loophole,” which benefits private equity and investment firm executives; and a renewal of expiring provisions on the GOP’s 2017 tax cuts—whose benefits primarily went to corporations and the wealthy.

The carried interest tax deduction was also proposed in 2017, but was watered down in the final tax plan amid opposition from Wall Street—pushback that Republicans are likely to face again.

Chuck Marr, vice president of federal tax policy at the Center on Budget and Policy Priorities (CBPP)—which released a policy brief on the extension of the 2017 tax law this week—posted a chart on social media showing how tax cuts for the top 5% of earners would make up nearly half of the cost of extending the law.

White House Press Secretary Karoline Leavitt on Thursday emphasized Trump’s proposal to end taxes on tips as a provision in the plan that would help make it “the largest tax cut in history for middle-class, working Americans.”

But at One Fair Wage, which advocates for an end to the subminimum wage for restaurant industry workers, co-founder and president Saru Jayaraman said the proposal mainly benefits people “making over $300,000” per year—not the working class.

“What we are going to need to see as working people across this country is elected officials, whether they’re Democrats or Republicans, actually delivering for working people, not through empty promises or false solutions like ‘no tax on tips,'” said Jayaraman.

According to CBPP’s analysis, an extension of the 2017 tax cuts would reduce tax payments by about $61,000 per year for the top 1% of households—those who make $743,000 per year or more—and by about $400 for those in the bottom 60%, who make about $96,000 or less.

On “Fox & Friends” on Wednesday, House Speaker Mike Johnson (R-La.) admitted that extending the 2017 tax cuts for the wealthy would “blow a hole in the deficit” without offsetting the loss of revenue.

“But we’re definitely going to get that extended, so we’ve got to find those savings,” he said. “The tariffs are going to bring in revenue, we’re going to have massive savings by making government more efficient and effective.”

At Unrig the Economy, Christian said the House speaker had let slip an “outrageous admission” and confirmed “what we already knew.”

“Congressional Republicans’ top priority is enriching the wealthy on the backs of working families,” said Christian. “Even as Americans continue to face higher prices nationwide, Republicans insist on further increasing costs for regular people by imposing tariffs on everyday items and cutting federal funding for essential programs such as healthcare and childcare to pay for billionaires’ tax breaks. It goes to show that Speaker Johnson and Republicans are determined to keep putting the megarich first and the American people last.”

Johnson’s comments came as Trump’s billionaire backer, tech mogul Elon Musk, was making his way through a takeover of federal agencies through the advisory body the president set up and appointed him to lead, the Department of Government Efficiency( DOGE).

The president is preparing to try to close down the Department of Education, and DOGE has seized control of a Treasury Department payment system that oversees the disbursement of Medicare and Social Security benefits, among other payments.

For American households making less than $96,000 per year, said Americans for Tax Fairness, the Republicans are “going to cut your healthcare, education, Social Security, housing, and more to pay for tax breaks for the rich and corporations.”

“In return, you get about $1 a day,” said the group. “What more could you ask?”

Tags: backsBillionairesbreakscriticsFamiliesPaidtargetedtodayheadlineworking
Previous Post

Meet the Tuberculosis Nurses, the Black Women Who Helped Cure TB todayheadline

Next Post

Trump signs order to cut funding for South Africa over land policy, ICJ case todayheadline

Related Posts

ET logo

Memorial Day weekend weather: severe storms in Central US, Northeast chill, and Southwest heatwave todayheadline

May 23, 2025
1

Sri Lanka expects current account surplus in 2025 for third year: CB Governor todayheadline

May 23, 2025
4
Next Post
Trump signs order to cut funding for South Africa over land policy, ICJ case

Trump signs order to cut funding for South Africa over land policy, ICJ case todayheadline

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0
Analysis-Australia's new haul of Chinese online goods helps tame inflation

Analysis-Australia's new haul of Chinese online goods helps tame inflation todayheadline

May 23, 2025
ET logo

Memorial Day weekend weather: severe storms in Central US, Northeast chill, and Southwest heatwave todayheadline

May 23, 2025
close up photo of a cooper's hawk, with pale plumage and a yellow eye, peering out from between out-of-focus twigs and tree branches.

New Jersey Hawk Develops Clever Hunting Strategy Using Traffic Signals : ScienceAlert todayheadline

May 23, 2025

China opens international call for instruments on Tianwen-3 Mars mission

May 23, 2025

Recent News

Analysis-Australia's new haul of Chinese online goods helps tame inflation

Analysis-Australia's new haul of Chinese online goods helps tame inflation todayheadline

May 23, 2025
3
ET logo

Memorial Day weekend weather: severe storms in Central US, Northeast chill, and Southwest heatwave todayheadline

May 23, 2025
1
close up photo of a cooper's hawk, with pale plumage and a yellow eye, peering out from between out-of-focus twigs and tree branches.

New Jersey Hawk Develops Clever Hunting Strategy Using Traffic Signals : ScienceAlert todayheadline

May 23, 2025
4

China opens international call for instruments on Tianwen-3 Mars mission

May 23, 2025
4

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Analysis-Australia's new haul of Chinese online goods helps tame inflation

Analysis-Australia's new haul of Chinese online goods helps tame inflation todayheadline

May 23, 2025
ET logo

Memorial Day weekend weather: severe storms in Central US, Northeast chill, and Southwest heatwave todayheadline

May 23, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co