Republicans combatted fraud, repealed taxes on the Second Amendment, canceled $500 billion in green corporate welfare, stopped taxpayer-funded benefits for illegal immigrants, and held elite universities, corporations, and non-profits accountable.
WASHINGTON, D.C. – In addition to the historic economic victories achieved for working families, small businesses and farmers in the Working Families Tax Cuts, President Trump and Republicans in Congress delivered victory after victory for the conservative movement as part of the One, Big, Beautiful Bill: among them, achieving the biggest Second Amendment victory in nearly a century, ending the Green New Scam, stopping illegal immigrants from receiving taxpayer-funded benefits, and holding elite universities, corporations, and non-profits accountable.
“The American people are fed up with Washington Democrats putting political elites, their wealthy and well-connected donors, and illegal immigrants ahead of the interests of working-class families. That’s why Republicans in Congress secured historic pro-America, pro-taxpayer wins in the Working Families Tax Cuts, many of which are longtime conservative priorities,” said Ways and Means Committee Chairman Jason Smith (MO-08). “Republicans canceled $500 billion in Democrats’ Green New Scam subsidies for wealthy environmentalists and big banks. We ended the Democrat buffet of taxpayer benefits for illegal immigrants by blocking their eligibility to receive refundable tax credits and Obamacare subsidies, while putting a new fee on remittances sent back to their home country. Elite universities are held accountable for acting more like Fortune 500 companies instead of centers of higher education while big corporations and non-profits are no longer rewarded for paying their executives large salaries. We also secured the biggest pro-Second Amendment victory in decades. Republicans in Congress were elected to bring common sense to Washington and put America First after years of woke Democrat policies, and that’s exactly what we did in the Working Families Tax Cuts.”
How the Working Families Tax Cuts Champions the Interests of American Taxpayers
- Cancels $500 Billion Green New Scam: Repeals green welfare subsidies that benefited the wealthy, big banks, billion-dollar companies, and the Chinese government.
- Holds Elite Universities Accountable: Taxes certain large endowments at a rate closer to the corporate rate, since elite universities operate similar to for-profit businesses.
- Ends Taxpayer Welfare for Illegal Immigrants: Only Americans with Social Security numbers are eligible for refundable tax credits, illegal immigrants are no longer eligible for Medicare or Obamacare premium tax credits, and a new one percent fee is imposed on certain remittances sent to foreign countries.
- Enforces New Restrictions on Radical Left-Wing Organizations in the Tax-Exempt Sector: Increases taxes on nonprofits that pay their executives huge salaries.
- Eliminates Special Tax Treatment for Highly Compensated Corporate Executives: Closes loopholes that had allowed corporations to hide huge salaries in subsidiary companies.
- Educational Freedom for Working Families: Millions of low- to moderate-income students across America will be able to access scholarships for K-12 education funded in part by a new federal tax credit.
- Additionally, newly expanded 529 accounts now cover $20,000 of K-12 tuition annually and expenses for career and technical education, just like expenses for a four-year degree.
- Biggest Second Amendment Victory in Decades: Clarifies within law that suppressors are not firearms and so no longer subject to a $200 tax.