Today, the House will pass the American Rescue Plan and deliver desperately needed relief to the American people to restore our economy and help put an end to this pandemic that has claimed over half a million lives.
The passage of the American Rescue Plan represents Democrats’ first major legislative achievement since President Biden took office and prioritizes families who have experienced significant hardship since this pandemic began.
We thought it would be insightful to take a trip way back to 2017 and remind folks what Republicans’ first economic legislative accomplishment was under the Trump Administration…the GOP Tax Scam.
You remember – the unpopular law that increased taxes on millions of middle-class Americans and saw 83% of the benefits go to the top 1% of Americans. That report after report found didn’t grow the economy or pay for itself? It should come as no surprise that Republicans put wealthy Americans and corporations ahead of hardworking middle-class American families.
Unlike our Republican colleagues, Democrats are putting the needs of the American people first by enacting the American Rescue Plan, which overwhelmingly focuses on lower-income Americans.
From the New York Times:
“Mr. Biden’s approach in his first major economic legislation is in stark contrast to President Donald J. Trump’s, whose initial effort in Congress was a tax-cut package in 2017 that largely benefited corporations and wealthier Americans.”
“The ‘American Rescue Plan’ advanced by Mr. Biden includes more generous direct benefits for low-income Americans than the rounds of stimulus passed last year under Mr. Trump, even though it will arrive at a time when economic and coronavirus vaccine statistics suggest the broad economy is poised to take flight. It is more focused on people than on businesses and is expected to help women and minorities in particular, because they have taken an outsize hit in the pandemic recession.”
“Researchers predict it could become one of the most effective laws to fight poverty in a generation. Columbia University’s Center on Poverty and Social Policy estimates that the plan’s provisions, including a generous expansion of tax credits for low-income Americans with children, would reduce the poverty rate by more than a quarter for adults and cut the child poverty rate in half.”
“Unlike Mr. Biden, Mr. Trump pursued a top-down approach to reinvigorating economic and wage growth. He cut taxes for corporations and other businesses, alongside cuts in individual tax rates up and down the income spectrum. His advisers predicted that the moves would significantly accelerate business investment and generate a sustained economic boom that would in turn drive up incomes for low earners and the middle class, even though the direct benefits of the bill were disproportionately concentrated among the rich. A sustained investment increase did not materialize as predicted.”
To recap: Republicans’ first economic priority? Passing tax cuts to give money away to the wealthiest in our nation. Democrats’ first economic priority? Taking action to help the most vulnerable Americans and get the economy back on track.
The passage of the American Rescue Plan represents Democrats’ first major legislative achievement since President Biden took office and prioritizes families who have experienced significant hardship since this pandemic began.
We thought it would be insightful to take a trip way back to 2017 and remind folks what Republicans’ first economic legislative accomplishment was under the Trump Administration…the GOP Tax Scam.
You remember – the unpopular law that increased taxes on millions of middle-class Americans and saw 83% of the benefits go to the top 1% of Americans. That report after report found didn’t grow the economy or pay for itself? It should come as no surprise that Republicans put wealthy Americans and corporations ahead of hardworking middle-class American families.
Unlike our Republican colleagues, Democrats are putting the needs of the American people first by enacting the American Rescue Plan, which overwhelmingly focuses on lower-income Americans.
From the New York Times:
“Mr. Biden’s approach in his first major economic legislation is in stark contrast to President Donald J. Trump’s, whose initial effort in Congress was a tax-cut package in 2017 that largely benefited corporations and wealthier Americans.”
“The ‘American Rescue Plan’ advanced by Mr. Biden includes more generous direct benefits for low-income Americans than the rounds of stimulus passed last year under Mr. Trump, even though it will arrive at a time when economic and coronavirus vaccine statistics suggest the broad economy is poised to take flight. It is more focused on people than on businesses and is expected to help women and minorities in particular, because they have taken an outsize hit in the pandemic recession.”
“Researchers predict it could become one of the most effective laws to fight poverty in a generation. Columbia University’s Center on Poverty and Social Policy estimates that the plan’s provisions, including a generous expansion of tax credits for low-income Americans with children, would reduce the poverty rate by more than a quarter for adults and cut the child poverty rate in half.”
“Unlike Mr. Biden, Mr. Trump pursued a top-down approach to reinvigorating economic and wage growth. He cut taxes for corporations and other businesses, alongside cuts in individual tax rates up and down the income spectrum. His advisers predicted that the moves would significantly accelerate business investment and generate a sustained economic boom that would in turn drive up incomes for low earners and the middle class, even though the direct benefits of the bill were disproportionately concentrated among the rich. A sustained investment increase did not materialize as predicted.”
To recap: Republicans’ first economic priority? Passing tax cuts to give money away to the wealthiest in our nation. Democrats’ first economic priority? Taking action to help the most vulnerable Americans and get the economy back on track.