Sen. King sponsors repeal of tax break for the wealthy buried in coronavirus relief law

[TexasTowelie]

Sen. Angus King is cosponsoring legislation to repeal tax breaks for wealthy Americans included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in late March.

“With unemployment skyrocketing, families facing extreme uncertainty, and small businesses, state governments, and hospitals across the country struggling to make it through a hard economic time, it defies comprehension that anyone would think the best use of taxpayer funds is to put more money back in the pockets of the richest Americans,” said the independent senator in a press statement on April 27.

The parts of the law that King’s legislation would repeal – outlined in provisions 2303 and 2304 in the CARES Act – suspend limitations included in the 2017 tax reform bill, which has been criticized for its outsized benefit to the richest 1% of Americans.

With these limitations suspended under the current terms of the CARES Act, government revenue is projected to drop by over $160 billion in the next ten years, according to a report by the nonpartisan Joint Committee on Taxation (JCT). The clear majority of those tax benefits will go to wealthy Americans.

Read more: https://mainebeacon.com/sen-king-sponsors-repeal-of-tax-break-for-the-wealthy-buried-in-coronavirus-relief-law/