MADISON, Wis. – After facing blistering criticism and scrutiny from Wisconsinites for securing a tax break that benefited himself and his biggest campaign donors, Ron Johnson is now spreading misleading claims to try and salvage his political career. In reality, multiple independent studies found that the tax carve out Johnson spearheaded overwhelmingly benefited the wealthiest, over small businesses.
Here are the facts:
- “The Vast Majority” Of The Republican Tax Bill’s Pass-Through Break “Goes To The Biggest Businesses,” With “Almost Half The Benefit Flow[ing] To Businesses Making $1 Million And Up.” [Bloomberg, 12/18/18]
- HEADLINE: “Pass-Through Deduction Benefits Wealthiest, Loses Needed Revenue, And Encourages Tax Avoidance.” [Center on Budget and Policy Priorities, 3/27/19]
- “Records Show That In 2018, Americans In The Top 1% Of Income Reaped $24.8 Billion In Tax Benefits From The Pass-Through Tax Cut, While The Rest Of The Top 10% Saved $12.3 Billion, And Everyone Else Only Received $6 Billion In Savings From The Pass-Through Tax Break.” [ProPublica, 8/11/21]
- HEADLINE: “Trump Said This Tax Break Was For Small Businesses. It’s Giving $17 Billion To Millionaires This Year.” [Vox, 4/24/18]
- “The Wealthiest Americans Will Benefit The Most From President Donald Trump’s Tax Deduction For Owners Of ‘Pass-Through’ Businesses, According To A Congressional Report.” [NBC News, 4/23/18]