Senator Ron Wyden (D-OR) didn’t mince words when he laid out what House Republicans are planning. In a thread posted on Bluesky Friday afternoon, he exposed their strategy for financing tax cuts for the wealthy—at the expense of everyone else.
Wyden opened with this eye-opener:
“My staff just got ahold of this memo from House Budget Committee Republicans,” he shared. “It’s lengthy and tough to wade through, but it clearly shows how Republicans plan to sell out the American people for another round of tax cuts for the rich.”
Tax Breaks for Corporations, Paid for by You
The memo details a sweeping tax overhaul tied to extending the 2017 tax cuts—Trump’s hallmark legislation that heavily favored corporations. Republicans in both the House and Senate are eager to keep those benefits flowing. While some want to bundle these changes with energy and border security legislation, others are pushing to pass them solo.
Here’s the kicker: These tax breaks come with an eye-watering price tag.
- $522 billion for massive corporate tax breaks.
- $222 billion in additional handouts to big, profitable corporations.
And what will corporations likely do with this windfall? According to Wyden:
“Odds are, they’ll funnel much of it into stock buybacks—making their wealthy shareholders even richer.”
But Who’s Paying for It?
This is where things take a sharp turn against the average American. Wyden points out the brutal ways Republicans plan to fund these corporate giveaways:
- A $192 billion tax increase on single parents.
- Eliminating energy tax credits that reduce carbon emissions and invest in clean energy. Wyden warned, “At a time when clean energy is booming, they want to abandon this progress, surrender the industry to China, and hike your energy bills.”
- Repealing green energy subsidies and programs that reduce air pollution in schools.
- Slashing the Child and Dependent Care Tax Credit, a lifeline for working families.
And that’s not all. They’re eyeing the remainder of Biden-era IRS funding increases—the ones that modernize tax collection and help ensure the wealthiest pay their fair share.
Even Homeowners Aren’t Safe
One of the boldest proposals? Repealing the home mortgage interest deduction. This would cut $1 trillion over 10 years. While it’s one of the few measures that might impact the wealthy, the ripple effect on middle-class homeowners could be disastrous.
