Congressman Cohen Asks House Democratic Leadership to Consider Reversing CARES Act Provisions Benefiting High Earners at the Expense of Taxpayers

MEMPHIS – Congressman Steve Cohen (TN-09) tonight wrote to House Democratic leaders asking them to reverse some provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act relating to certain businesses' net operating losses and reversing restrictions imposed by the 2017 GOP tax bill that unfairly benefit high earners.

The letter reads in part:

"It is egregious that Republicans fought for additional tax breaks for the wealthy and real estate investors am id a global health pandemic while millions of Americans are barely able to make their monthly payments. We need additional relief for both individuals and families struggling to make their mortgage, rent and utility payments and increased funding for small businesses trying to keep their staff on payroll.

"I urge you respectfully to consider eliminating these provisions in any upcoming coronavirus relief package and continue to focus House Democrats' efforts on relief for individuals, families and small businesses."

Congressman Cohen noted in his letter that the existing changes will cost taxpayers more than $90 billion this year alone and will go 80 percent to people already making more than $1 million a year. He also commended Congressman Lloyd Doggett (TX-35) and Senator Sheldon Whitehouse of Rhode Island and plans to join them in any legislation, if necessary, as they address this issue going forward.

The entire letter can be read here.