Congressman Cohen Denounces Tax Break for Billionaires

October 1, 2020
Press Release
Provision would be repealed in Updated Heroes Act

WASHINGTON – Congressman Steve Cohen (TN-09) went to the House floor this afternoon during the debate on the updated Heroes Act to denounce a provision slipped into the CARES Act passed in March that allowed a tax break to millionaires and billionaires for so-called “pass through” transactions. Congressman Cohen and several of his Congressional colleagues have condemned the measure, which would be repealed in the Heroes Act being considered on the floor today.

In his floor speech, Congressman Cohen said: 

“Republicans passed a $150 billion tax break for the richest Americans – people like Donald Trump, who don’t pay taxes. They get a four-year backlog to file losses in real estate deals to cut out their taxes. They won’t do anything for children, and a Child Tax Credit, but they think that the policy of giving people, on average, a $1.6 million tax benefit – to the richest one percent – is good values. That’s not good values. That’s bad values. And the Republicans ought to object to that because it’s making them the party of greed and tax-weaselers and the bad people of America, and not caring about ‘the least of these.’”  

See those remarks here

The updated Heroes Act is the latest effort to provide needed assistance in response to the ongoing pandemic and its catastrophic impact on the nation’s health and economy. It is a slimmed-down version of the Heroes Act passed in May which the Senate has so far failed to consider.