Washington, D.C. – Today, Progressive Caucus Co-Chairs Congressman Mark Pocan (WI-02) and Congresswoman Pramila Jayapal (WA-07), along with CPC Deputy Whip Congressman Lloyd Doggett (TX-35), sent a letter to Speaker Nancy Pelosi calling for the repeal of $160 billion in tax breaks for millionaires tucked into last month’s CARES Act.


“One of the Progressive Caucus’s guiding principles as we consider the next relief package is ensuring every action Congress takes addresses inequality. Relief must be focused on those who need it most, and we must resist regressive measures that deliver most benefits to those at the top, while doing little for working families,” the letter notes. “The $160 billion in no-strings-attached handouts was more than aid provided in the CARES Act for hospitals across America...We appreciate your recently stated opposition to these provisions, which are totally unrelated to the pandemic, and urge you to prioritize their repeal in the next relief package.”

The full letter is below.
 



Dear Speaker Pelosi:

Thank you for your leadership as the nation continues to battle the coronavirus and we work together to deliver further relief for those suffering. One of the Progressive Caucus’s guiding principles as we consider the next relief package is ensuring every action Congress takes addresses inequality. Relief must be focused on those who need it most, and we must resist regressive measures that deliver most benefits to those at the top, while doing little for working families.

As small businesses and workers were running out of options last month, Republicans tucked into the CARES Act tax breaks for “net operating losses” that will overwhelmingly benefit the super-rich and large corporations. The $160 billion in no-strings-attached handouts was more than aid provided in the CARES Act for hospitals across America. At a time when workers need a paycheck guarantee and monthly direct cash assistance, the Joint Committee on Taxation found that those with $1 million or more in annual income, who will enjoy 82% of the benefits of one provision, will get an average of $1.6 million each. We appreciate your recently stated opposition to these provisions, which are totally unrelated to the pandemic, and urge you to prioritize their repeal in the next relief package.

We also urge opposition to further tax breaks targeted at the wealthy few and large corporations. Corporate lobbyists are pushing for numerous handouts that have little to do with the pandemic and more to do with locking in or expanding the windfall they reaped from the Republican tax scam in ways that will not promote economic recovery. Whether in the form of tax breaks, loans, or other federal support, any assistance to corporations must at the very least come with adequate guardrails to ensure workers benefit instead of executives and wealthy shareholders. However, our focus as Democrats must be on advancing relief measures that put assistance directly into the hands of the working families that need it most.

Thank you for your continued leadership and consideration.

Sincerely,

Mark Pocan

Pramila Jayapal

Lloyd Doggett