Why do Republicans block any efforts to have billionaires pay their fair share of taxes? What do billionaires do with the money they make from dodging taxes? How does that affect the rest of us? Follow the money...
Stephen Schwarzman, the billionaire co-founder of the private equity firm Blackstone, collected $88.3 million in carried interest. Schwarzman's tax bill in 2015 on his carried interest was reduced from $35 million to $20.3 million, saving Schwarzman about $15 million.
He spent $7.68 million against Susan Gideon which helped Susan Collins get re-elected. Susan Collins voted for Brett Kavanaugh, and we all know how that impacted the Supreme Court and women's control over their own bodies.
The U.S. Chamber of Commerce is the largest lobbying group in America and spent $81.9million in 2020 according to OpenSecrets. They oppose President Biden's plan to have the rich pay their fair share of taxes to fund better healthcare, education and opportunities for all Americans. Click on this mind map to follow the money and see how the new infrastructure plan is right for America.
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Socialism for the rich
"Public records show that Schwarzman donated about $33.5m to groups supporting Republicans in the 2020 election cycle, including $3m to Trump’s America First Action Pac, a donation he made in January 2020. Schwarzman also donated funds to political action committees supporting seven Republicans who, months later, voted to invalidate results in Pennsylvania and Arizona, a move that was seen as a direct affront to the votes of Black and other minority Americans whose support were critical to Joe Biden’s victory.
He also financially supported a campaign group – Georgians for Kelly Loeffler – that is alleged to later have published a Facebook ad that darkened the skin of Loeffler’s Democratic opponent, Raphael Warnock." - The Guardian
Shcwarzman is a big donor to the 1820 PAC and Senate Leadership fund which both benefit Mitch McConnell who also opposes having the super-rich pay their fair share of taxes.
Sen. Susan Collins is the controversial Republican whose ‘swing vote’ proved decisive in confirming Justice Brett Kavanaugh. “Senator Collins’ votes for 181 of Trump’s far-right judicial nominees, for the corporate tax giveaway that put Mainers’ health care in jeopardy and her continued refusal to stand up to Mitch McConnell and Donald Trump show just how much she's changed after 24 years in Washington,” said Maeve Coyle, a Gideon spokeswoman, in a statement.” - Politico
Collins opposes having billionaires pay their fair share of taxes
"Sen. Susan Collins (R-ME) literally laughed when asked whether she supports raising taxes to pay for an infrastructure plan, MSNBC reported.
"I would not anticipate that it would be well received," Collins said of using tax hikes to pay for infrastructure legislation.
Republicans remain against raising taxes to pay for the infrastructure plan, despite recently raising concerns over the federal deficit. Rising federal deficits were the reason some GOP lawmakers gave to justify their opposition to the popular coronavirus relief bill Democrats passed earlier this month. Ultimately, just 1.8% of taxpayers earn more than $400,000 per year, according to CNBC. Because of the way the tax policy in the United States works, only the income over $400,000 would be taxed at a higher rate." - American Independent