Sen. Jacky Rosen urges colleagues to cut taxes for working families and raise taxes on billionaires

The best way to fund tax programs that support middle- and low-income Americans is through raising taxes for the uber-wealthy, Rosen wrote in a letter to lawmakers crafting a new tax bill to replace an expiring-Trump era law.

As a Trump administration-era tax bill that benefited the ultra-wealthy is set to expire next year, Nevada Democratic US Sen. Jacky Rosen is urging colleagues who are crafting a new tax bill to include relief for small businesses and working class families still struggling with lingering inflation. 

Rosen on Tuesday sent a letter to Senate Finance Committee Chairman Ron Wyden (D-Oregon) as well as Sen. Mike Crapo of Idaho, the committee’s top Republican, asking the lawmakers to support “broad-based” tax cuts and expand existing incentive programs like the Child Tax Credit, The Nevadan has learned. 

“Nevadans are facing rising costs across the board, from the high price of groceries, gas and child care to surging rents, mortgages, and utility bills,” Rosen wrote. “These rising costs place a strain on household budgets, forcing families to make impossible choices.” 

7.16.24 Final Tax Letter by casey on Scribd

She continued: “As the Senate Finance Committee prepares for next year’s expiration of a large portion of the Tax Cuts and Jobs Act of 2017 (TCJA), I urge the Committee to prioritize reforms that lower costs for hardworking families, deliver middle-class tax relief, help small businesses grow and thrive, support our veterans, and ensure that massive corporations and the ultra-wealthy are paying their fair share.” 

Rosen last week announced her support for a bipartisan proposal that would exempt tipped income from federal income tax reporting requirements, and in her letter called on Wyden and Crapo to include a similar provision for their tax bill. 

“Nevada has a higher percentage of tipped workers than any other state, and getting rid of the federal income tax on tips would deliver immediate financial relief for service and hospitality staff across our state who are working harder than ever while getting squeezed by rising costs,” Rosen, who is facing re-election, said in a statement Friday. 

Rosen is also urging the lawmakers to increase the amount awarded to individuals for the Low-Income Housing Tax Credit (LIHTC), which she said would allow more developers to access the program and increase the supply of affordable housing units. Rosen also proposed creating a new tax credit for first-time home buyers, as well as allow businesses to expense certain research and development costs.  

The best way to bankroll these programs, Rosen wrote, would come through raising taxes on wealthy Americans. That largely coincides with the budget proposal offered by the Biden-Harris administration, which has long sought to impose tax increases for those making more than $400,000 a year, and would seek to limit large corporations’ abilities to engage in tactics such as stock buybacks, according to the nonpartisan thinktank the Tax Foundation. 

Provisions from Trump’s tax law are set to expire at the end of next year, meaning the presidential candidate who wins in November will have the final say in determining who will benefit most from the new tax bill. Former President Donald Trump, who officially became the Republican presidential nominee on Monday, has been criticized for proposing to make certain tax cuts he signed into law in 2017 permanent if re-elected, which opponents say not only benefits billionaires such as Trump himself, but also results in less funding for federal programs that primarily service low-income Americans. 

“As you prepare for next year’s [TCJA] expirations, I urge the Committee to remain committed to building an economy that levels the playing field and lowers costs for working families and small businesses,” Rosen wrote.