On Tax Day, Senator Murray Highlights the Cost of Tax Dodging by Billionaires and Giant Corporations at Budget Hearing

"There really is no reason that an investor on Wall Street should be paying less in taxes than a firefighter in Spokane or a nurse in Seattle. It's not fair and I don't think it's American. We really need to close the loopholes and make sure that the wealthy pay their fair share, and we need to make sure they play by the same set of rules as everyone else--what is controversial about that?

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In stark contrast to the Trump tax giveaway for the rich and wealthy, I'm very proud that Democrats were able to pass steps in the Inflation Reduction Act to help working families by lowering costs and leveling the playing field. That included steps like making sure billion-dollar companies are paying at least the same 15 percent tax rate as small businesses already pay, taxing stock buyback schemes that enrich Wall Street executives, and getting the IRS the funding it needs to enforce the law, close the tax gap, and make sure that wealthy taxpayers are complying with the same rules as everyone else.

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"The economic theory behind the Trump Tax Cuts was that cutting corporate taxes would rev the economy because these cuts would allegedly trickle down to benefit workers. It has been almost six years since that legislation was passed. Do you think the Trump Tax Cuts are working as promised?

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The Trump Tax Cuts did raise deficits a lot, that is one thing we know for sure. If you search for positive effects on investment or economic growth, they are very difficult to find. One reason that we can point to for why it didn't have any positive effects on investment or growth is that the companies that were really benefiting from this tax cut are companies that already had more than enough cash on hand to undertake any worthwhile investment."

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