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Apr-15-2013 11:20printcomments

Tax Day Reminder: Congressman Greg Walden Favors Tax Breaks for Millionaires and Big Oil

Walden’s first priority is budget-busting tax breaks for Big Oil and millionaires who don’t need them and for his special interest campaign contributors

Congressman Greg Walden
Congressman Greg Walden

(WASHINGTON DC) - As Americans file to meet the Tax Day deadline today, here’s a reminder that Congressman Greg Walden is stubbornly committed to protecting tax breaks for millionaires, Big Oil companies, and special interests.

According to the Center on Budget and Policy Priorities, the budget Congressman Walden supports would mean millionaires get “an average net tax cut of about $245,000” while “families with children that have incomes below $200,000 would have to face tax increases averaging more than $3,000 a year.” House Republicans like Congressman Walden have voted to protect taxpayer subsidies for Big Oil companies already making record profits and to cut the top corporate tax rate from 35 percent to 25 percent.

“Instead of standing up for the middle class and coming up with solutions to solve our nation’s budget problems, Congressman Greg Walden is devoted to protecting tax breaks for millionaires, Big Oil companies, and special interests,” said Emily Bittner of the Democratic Congressional Campaign Committee. “On this tax day, Americans want compromise that reduces the deficit and cuts the tax burden for the middle class, but Congressman Walden’s first priority is budget-busting tax breaks for Big Oil and millionaires who don’t need them and for his special interest campaign contributors.”


BACKGROUND

CBPP: Families Making Less Than $200,000 Would Face Average Tax Hike of $3,000. “Families with children that have incomes below $200,000 would have to face tax increases averaging more than $3,000 a year, if policymakers were to avoid increasing the deficit while reaching Chairman Ryan’s 25-percent top-tax-rate goal… If policymakers enacted the same extremely ambitious reductions in tax expenditures for filers with incomes above $200,000…, filers with incomes of $1 million or more would lose tax breaks totaling about $90,000 on average — still leaving them with an average net tax cut of about $245,000 …” [Center on Budget and Policy Priorities, 3/17/13

CBPP: Millionaires Would Likely Experience A $245,000 Net Tax Cut. According to an analysis of the Ryan Budget conducted by the Center on Budget and Policy Priorities, “If policymakers enacted the same extremely ambitious reductions in tax expenditures for filers with incomes above $200,000 that TPC assumed when it analyzed Romney’s tax plan, filers with incomes of $1 million or more would lose tax breaks totaling about $90,000 on average — still leaving them with an average net tax cut of about $245,000. Households with incomes above $200,000 would get a net cut of about $16,000.” [Center on Budget and Policy Priorities, 3/17/13]

Ryan Budget Would Slash The Corporate Tax Rate From 35 Percent to 25 Percent. According to the New York Times, “Under the Ryan plan, the corporate tax rate would also fall, from 35 percent to 25 percent — although all those tax changes are supposed to be crafted to bring in the same amount of revenue as the current tax code, a tall order.” [New York Times, 3/12/13]

Source: DCCC Press

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