Sen. Deb Fischer voted to give permanent tax cuts to the biggest corporations rather than Nebraska’s middle class or small businesses. Corporations like the pharmaceutical giants, oil and gas companies and the biggest banks have donated nearly $1,500,000 to her campaign through their corporate PACs. All the while giving temporary, measly tax cuts to the middle-class and small businesses.
Sen. Deb Fischer’s Record On Huge Tax Breaks For Huge Corporate Special Interests
Fischer Voted For The GOP Tax Bill Along Party Lines. “The Senate voted 51-48 on Wednesday to pass the Republicans’ tax overhaul bill in a party-line vote.” [New York Times, 12/19/17; H.R. 1, Vote 323, 12/20/17]
Small Business Majority: 77 Percent Of Pass-Through Reduction Benefit Will Go To Top 2.6 Percent Of Firms, Hedge Funds, Investment Vehicles And Lobbyists, Not Small Business. “The conference report released today on the final tax reform bill shows congressional negotiators somehow managed to make a bad proposal even worse by reducing the paltry benefits to Main Street small businesses even further. The final report lowers the deduction for pass-through income to 20 percent from the 23 percent that the U.S. Senate approved in its version of the tax plan. But regardless, 77 percent of the proposed pass-through reduction benefit still goes to the top 2.6 percent of firms—hedge funds, investment vehicles and lobbyists—not the local pizza shop. Indeed, the financial benefits to a pass-through entity making $500,000 are 20 times the benefits to a business making $75,000. [Small Business Majority Press Release, 12/15/17]
Final GOP Tax Bill Would Cut Corporate Tax From 35 Percent To 21 Percent. “A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses’ tax rate would fall from 35 percent to just 21 percent, the largest one-time rate cut in U.S. history for the nation’s largest companies. The House and Senate bills originally had the big-business tax rate falling to 20 percent, but Republicans were not able to make the math work to keep the rate that low and start it right away in the new year, so they compromised by moving the rate to 21 percent. It still amounts to roughly a $1 trillion tax cut for businesses over the next decade.” [Washington Post, 12/15/17]
In A Decade, About Two Thirds Of Middle-Class Taxpayers Will See Tax Hike. “There may be an even bigger problem for the middle class, however. Budget rules tied Republicans’ hands, limiting their ability to make changes that extend more than 10 years in the future. As a result, most personal tax provisions in the bill expire by 2026. Meanwhile, other tweaks — like a new, less generous way of accounting for inflation — will work against middle-class taxpayers over time. As a result, a decade from now, about two thirds of middle-class taxpayers will actually see a tax hike, albeit a relatively small one of about $150, according to the Tax Policy Center.” [Time, 12/20/17]
February 2018: New York Times Said Corporations Used Much Of Tax Cut Money For Buying Their Own Shares. “Companies have announced plans for some of those investments. But so far, companies are using much of the money for something with a more narrow benefit: buying their own shares. Those so-called buybacks are good for shareholders, including the senior executives who tend to be big owners of their companies’ stock. A company purchasing its own shares is a time-tested way to bolster its stock price.” [The New York Times, 2/26/18]
Just 17 American Oil & Gas Companies Reported Combined Total Of $25 Billion In Direct One-Time Benefits From 2017 Tax Cuts And Jobs Act. “Just 17 American oil and gas companies reported a combined total of $25 billion in direct one-time benefits from the 2017 Tax Cuts and Jobs Act. Many of the companies will also receive millions of dollars in income tax refunds this year. Looking forward, the Tax Act then reduces all corporate annual tax bills by a minimum of 40 percent every year in perpetuity, while adding new benefits that function as government subsidies for the oil and gas industry. The companies’ activities in the United States are made less expensive, thereby encouraging a further expansion of oil and gas operations.” [Pacific Standard, 3/27/18]
Axios Found 21 Health Care Companies Expected To Gain $10 Billion In Savings In 2018 With Most Of Money Going Towards Share Buybacks, Dividends, Acquisitions, and Paying Down Debt. “What we found: 21 companies collectively expect to gain $10 billion in tax savings in 2018 alone. Most of the money is going toward share buybacks, dividends, acquisitions and paying down debt — with just a sliver for one-time employee bonuses, research and internal investments.” [Axios, 3/5/18]
Majority Of United Health Group’s Windfall From GOP Tax Bill Went To Wall Street And Executives. “UnitedHealth Group accounts for a quarter of that total, and a majority of UnitedHealth’s windfall is going to Wall Street and executives.” [Axios, 3/5/18]
- Fischer Has Received Over $120,000 In Corporate PAC Contributions From Health Care/Insurance And Pharmaceutical Corporate PACs Over Her Career. [FEC]
- Fischer Received At Least $77,500 From Pharmaceutical Corporate PACs Over Her Senate Career. A review of Deb Fischer for U.S. Senate’s FEC reports showed that Fischer received $77,500 from pharmaceutical corporate PACs over her senate career. Fischer has received corporate PAC money from pharmaceutical companies like Mallinckrodt, AbbVie Inc., Pfizer, Merck, and Bristol-Myers Squibb. [FEC]
- Fischer Received Over $50,000 From Health Insurance And HealthCare Corporate PACs Over Her Senate Career. A review of Deb Fischer for U.S. Senate’s FEC reports showed that Fischer received $51,500 from health insurance and health care corporate PACs over her senate career. Fischer has received corporate PAC money from healthcare corporations like Aetna, Blue Cross and Blue Shield, and DaVita. [FEC]