Tax handouts for corporate special interests add nearly $2 trillion to the national debt — and threaten programs like Social Security and Medicare
Atlanta — Today, Senator David Perdue’s deficit-exploding tax giveaway for corporate special interests and the top 1% hit its two-year anniversary since Perdue and his Washington Republican allies forced it through. Perdue’s reckless corporate tax handout did little for middle-class families or economic growth — but this giant handout to the wealthy and big corporations was a major Christmas gift from Perdue to his special interest backers.
Did Perdue’s tax giveaway grow the economy like he promised? Of course not. Did it provide a substantial tax cut for the middle class like he said it would? Absolutely not. What it did do was increase economic inequality and eventually send 83% of its benefits to the richest 1% — not to average Georgia families.
What else was in this “deeply unpopular” piece of legislation? Let’s review:
And Perdue didn’t want to stop there. As bad as this bill was for middle-class families, Perdue wanted to give away even more to large corporations than the $1 trillion handout already included — and he gave a clear answer when asked if he would support delaying corporate tax breaks in favor of greater middle-class tax relief: “Absolutely not.”
Yes, he actually said that:
What’s Perdue up to now? He’s back to pretending to be a deficit hawk — and after blowing a nearly $2 trillion hole in the debt, he’s decided to come after earned benefits programs like Social Security and Medicare. That’s right, he’s claiming that critical programs for middle-class families are “causing this debt” — not his trillion-dollar tax handout for corporate special interests — and he’s ready to put these programs on the chopping block to pay for his reckless agenda.
The lesson from this shameful anniversary is clear: Perdue and his Washington Republican allies will always stand up for their special interests donors in Washington — and turn their backs on Georgia families.
“Today’s anniversary of Senator David Perdue’s reckless vote in favor of a deficit-busting tax giveaway to powerful special interests is an important reminder of exactly where Senator Perdue’s priorities lie,” said Alex Floyd, spokesman for the Democratic Party of Georgia. “Instead of standing up for Georgia families, Senator Perdue stood behind a tax giveaway for the wealthy and well-connected — and is now trying to force middle-class families to pay the price for these reckless corporate tax handouts by putting Social Security and Medicare put on the chopping block.”
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