“We should not pile more taxes on the backs of working families,” says Senator John Cornyn to explain why he thinks S. 1738 ought to be passed into law. Voters may be surprised when they find out who John Cornyn classifies as “working families”, however: People who take over a quarter million dollars in income every year.
S. 1738 provides a 3.8 tax cut, but only for households with an income of over $250,000 per year. It’s a special tax deal for the 1 percent most wealthy Americans. It provides no benefit whatsoever to the 99 percent.
Four other senators have signed their names in support of this legislation to grant special favors to wealthy financial elites. Their names are: