Thread by @RepGaramendi

THREAD: The new tax law is a raw deal for the middle class. 83% of the benefits go to the 1%, and it blows a $1.5 trillion hole in the deficit. But don't just take my word for it, here's 42 examples of how the #TaxScam hurts working families as well as a vision for #ABetterDeal:

A plurality—42%–think the tax cuts favor the wealthy most of all. Only 29.6% say they favor the working and middle class. finance.yahoo.com/news/trump-tax…

The Great Snake Oil Slump nytimes.com/2018/04/19/opi…

The #TaxScam helped save $3.6 billion for the big banks. And surprise, surprise, most of that money is going to stock buybacks and executive salaries. apnews.com/96589643061e44…

It seemed like life couldn't get any better for the big banks, then the #TrumpTaxScam came along. talkingpointsmemo.com/news/wall-stre…

Thanks to Trump, the big Wall Street banks saved $3.6 billion in taxes last quarter under new law stltoday.com/business/local…

"The Trump Republican tax law abandons any pretense of concern about debt and shows how the real purpose of the bill is to deliver an avalanche of tax savings to the already rich while tossing a few greenbacks to the vast majority." salon.com/2018/04/20/wha…

The American middle class isn't stupid. They know that these tax cuts disproportionately benefit the wealthy. Now Congressional Republicans are talking about cutting Medicare and Social Security to pay for their #TaxScam. We won't allow that to happen. finance.yahoo.com/video/most-peo…

Here's why the tax cuts are such a hard sell for Republicans washingtonpost.com/news/powerpost…

More money for major corporations means more stock buybacks, not significant job and wage growth as promised by the President. economist.com/news/finance-a…

How the Tax Cut President Trump Loves Will Deepen Trade Deficits He Hates wsj.com/articles/how-t…

It's no wonder the tax law is losing support. It adds $1.5 trillion to the deficit, and now Donald Trump and Republicans say we must pay for it with cuts to Medicare, Medicaid, and Social Security. thehill.com/policy/finance…

You can run a $1.5 trillion spending spree on your credit card, but eventually you'll have to pay the bill. washingtonpost.com/news/powerpost…

Q: What is the U.S. getting for its $1 trillion deficit?
A: Corporate stock buybacks and higher executive salaries. baltimoresun.com/news/opinion/o…

"We’re dreading the Trump tax bill. Most benefits go to the wealthy and corporations – not the low-income families struggling to pay bills." fresnobee.com/opinion/letter…

The 4 Biggest Banks Have Already Made $2.3 Billion Off Trump’s Tax Law nymag.com/daily/intellig…

Trump tax plan will make U.S. only advanced economy to see its public debt ratio increase, IMF warns: newsweek.com/trump-tax-plan…

"They've all spent the past 38 years proclaiming that tax cuts for the rich work in theory, and ignoring all the evidence that they don't in practice." washingtonpost.com/news/wonk/wp/2…

"There are a number of promises Republicans made as they passed the biggest overhaul of the tax code in over 30 years which won’t be fulfilled, leaving the middle class out to dry while the corporations and the ultra-rich only get richer." thinkprogress.org/tax-day-heres-…

Republican tax cuts are failing small businesses wisconsingazette.com/news/main-stre…

CBO confirms GOP tax bill will worsen offshore tax dodging thinkprogress.org/corporations-i…

"Wall Street giant JPMorgan reported its biggest quarterly profit ever Friday, and Citigroup and Wells Fargo also notched higher earnings, with all three getting a huge assist from the tax law passed late last year." registerguard.com/rg/business/36…

In a fresh NBC News/Wall Street Journal survey conducted jointly by Democratic and Republican pollsters, the law was underwater: 27 percent approved, 36 percent disapproved. washingtonexaminer.com/news/campaigns…

Tax cut riches have gone to execs and investors over workers by nearly 3-to-1 margin
cnbc.com/2018/04/17/tax…

"Not only are the tax cuts unwise, they’re unfair. Corporations saw their tax rate slashed from 35% to 21% -- a cut of 40%. The bottom three-fifths of the population, people making under $86,000 a year, will get a tax cut of about $1 a day on average." news-press.com/story/opinion/…

Big banks just received the first installment of benefits corporate America will reap from the new federal tax law. The haul: more than $2.5 billion. wsj.com/articles/the-f…

Turns out people don't want to have their Social Security and Medicare cut to pay for a #TaxScam that delivers 83% of its benefits to the top 1% and blows a $1.5 trillion hole in the deficit. washingtonpost.com/blogs/right-tu…

"Alas: Americans have now been collecting post-tax-cut paychecks for more than two months — and they still don’t like Donald Trump’s signature legislative achievement." nymag.com/daily/intellig…

Here's an idea: how about we talk about funding our public schools and bringing down health care costs instead of a tax cut that balloons the deficit in order to make the rich richer nytimes.com/2018/04/16/bus…

GOP tax cuts put a burden on our children sandiegouniontribune.com/opinion/letter…

This tax law takes an extra step to shove it to states like California by undermining the state and local tax deduction. thenation.com/article/gop-ta…

Again - people don't want Congress to pass tax cuts that disproportionately benefit the wealthy and then offset the costs by cutting Medicare and Social Security. But that's exactly what Paul Ryan and others are angling to do. I won't stand for it. thehill.com/policy/finance…

Probably because it undermines state and local tax deductions, which prevent double-taxation and help fund public education and services. slate.com/news-and-polit…

This #TaxScam gives 83% of its benefits to the top 1%, including billionaires like @realDonaldTrump. marketwatch.com/story/poll-fin…

"The US government's budget deficit is about to explode — and the Trump tax law and spending surge is to blame." businessinsider.com/us-budget-defi…

This tax scam also cuts taxes for corporations earning profits overseas, giving them more incentive to outsource jobs. marketwatch.com/story/trump-to…

"Yet working-class, middle-class and upper-class Americans all hold negative views of the tax-cut law. Women who have graduated from college call the tax cuts a bad idea by nearly a 3-to-1 margin."

cnbc.com/2018/04/16/gop…

"Trump wants to make Wall Street great again." washingtonpost.com/news/powerpost…

"The boost to paychecks has frequently been small, and sometimes unnoticeable." Unless, of course, you're in the top 1% or run a major corporation. Because that's where 83% of the tax benefits in this law go. thefiscaltimes.com/2018/04/16/Tru…

"Well-Heeled Investors Reap the Republican Tax Cut Bonanza" nytimes.com/2018/02/25/opi…

Thanks to the #TaxScam, Wall Street got to use the bulk of its tax savings for massive stock buybacks and bonuses. usatoday.com/story/money/20…

Fewer than 45 of 500 corporations have shared their tax benefits with workers through bonuses, which – again – is not the same as raising wages. usatoday.com/story/money/20…

Of course it is, that was the plan all along. washingtonpost.com/news/wonk/wp/2…

It's obvious to me that the new tax law is a raw deal for the American people. The American middle class deserves #ABetterDeal--one that prioritizes real wage and job growth for low and middle income earners. Specifically, Congress should do the following...

Prevent corporations from using a disproportionate amount of their tax savings on on stock buybacks and executive salaries. Force them to invest in wage and job growth for the middle class. They've proven that they won't do so unless they have to.

Focus on small business tax relief that allows local businesses to hire more workers and provide better benefits.

Create a tax code that makes it easier for middle class Americans to start a business or work for themselves from home. That goes hand in hand with expanding rural broadband access.

Ensure that the highest wage earners pay their fair share, so the middle class doesn't have to subsidize their tax break anymore.

Shore up loopholes in the new tax law that give some corporations greater incentive to outsource American jobs. Let's put the middle class back to work by rebuilding our crumbling infrastructure with American materials and workers.

Expand deductions that help Americans keep their health care costs under control.

Make it easier for companies of all sizes to support job training programs.

Reduce the ridiculous loophole for pass-through businesses in the new #TaxScam that heavily benefits the wealthy and redirect the tax savings to the middle class.

These are just a few ways in which we can deliver #ABetterDeal for the middle class and create a tax code that truly delivers for working Americans.

What do you think? Pass along your ideas and opinions in the comments section below.