FACT CHECK: New ad from out-of-state and out-of-touch billionaires distorts Joe’s stand for Hoosier families
A new ad from a special interest group funded by the Koch brothers, out-of-touch Kansan billionaires, puffs up the McConnell tax plan that directs millions of dollars into their own pockets rather than the middle class and twists Joe Donnelly’s record of supporting working Hoosiers.
Instead of benefitting the middle class, the McConnell tax bill is a partisan giveaway to special interest donors that will ultimately raise taxes on the middle class over the next ten years to fund new tax breaks for the Kochs and companies who ship jobs to other countries. By 2027, 83% of the bill’s benefits will go to the top one percent of Americans. Because of Congress' failure to address many of the tax loopholes that benefit the wealthiest Americans in the McConnell tax plan, a firefighter from Fort Wayne will still likely pay taxes at a higher rate than a hedge fund manager in New York City.
If anything, the McConnell tax plan makes it easier to outsource jobs. An analysis by the New York Times says the bill may have made it “attractive for companies to put more assembly lines on foreign soil,” despite what congressional Republicans have claimed. Steven Shay, a Harvard Law Professor and Reagan-era Treasury official, has called the McConnell plan’s rules on corporate taxation “outrageous.”
Ultimately, the McConnell tax plan will do much more for the Koch brothers and their special interest allies than middle class Hoosiers. Most economists don’t expect the bill to boost the economy significantly, according to the University of Chicago. An analysis from the non-partisan Tax Policy Center has shown that any gains to Americans earning between $50,000 and $75,000 will likely be negated when other factors like premium hikes are included.
Joe has worked time and again for a better tax code that helps working Hoosiers and small businesses. His End Outsourcing Act, which he has discussed numerous times with President Trump, would create tax incentives for companies that relocate foreign jobs to rural and low-income communities in the U.S. He also voted to make the Bush tax cuts permanent for the vast majority of Americans.
“Joe tried time and again to work with Republicans to craft a tax bill that overwhelmingly helps working families and encourages companies to bring jobs back from foreign countries, but when Republicans crafted a purely partisan bill that does neither, Joe stood up for Indiana,” said Will Baskin-Gerwitz, Communications Director for Joe for Indiana. “Special interest ads from the out-of-state billionaires who wanted this legislation won't change the fact that the McConnell tax plan will ultimately raise taxes on middle class families to fund new tax breaks for people like the Kochs and the rest of the one percent who'll make millions more in profits.”