Senator says $195B went to wealthiest taxpayers

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown, D-Ohio, has unveiled bicameral legislation to repeal what he says is a massive tax giveaway for a small group of wealthy taxpayers that Republicans included in the coronavirus relief bill.

Brown’s office said the legislation would do away with provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that the nonpartisan Joint Committee on Taxation estimates will cost $195 billion over ten years, and that would overwhelmingly benefit wealthy taxpayers like hedge fund managers and real estate speculators.

He said, together, the Republican provisions are among the costliest parts of the CARES Act, despite having no real connection to battling coronavirus or its economic fallout.

“Senate Republicans have yet again favored Wall Street over workers and snuck in a handout to the richest of the rich in a package that is supposed to help Americans harmed by the worst public health crisis we’ve seen in our lifetime,” Brown said in a statement. “Workers are struggling to figure out how to pay their bills, stay in their homes, and keep their families safe while Republicans are looking out for their wealthy friends. We need to invest in workers and small businesses harmed most by the financial consequences of COVID-19, not giving more tax breaks to billionaires.”

Brown was joined by 14 other Democratic senators and two independents on the bill.