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12.20.19

Two Years Ago Today, Senator Thom Tillis Voted For The GOP Tax Law

Tax Law Will Raise Taxes On More Than Half Of North Carolina Families

RALEIGH, NC – Two years ago today, Senator Thom Tillis voted in favor of the GOP tax bill, making good on his vision to “wave a wand” and “do everything we did in North Carolina up in D.C.” 

As Speaker of the North Carolina House, Tillis passed sweeping tax legislation that benefited the “wealthiest taxpayers and the biggest businesses,” while proving “especially burdensome” to working North Carolinians. As Senator, Tillis sold the same “false promise of trickle down economics” to his statewide constituency in supporting the GOP tax bill. Neither bill has worked to deliver results for working North Carolina families.

While the law hasn’t resulted in the higher wages and growth Tillis and the GOP promised, here’s what it has done:

  • Benefited massive corporations who enriched their CEOs and shareholders instead of passing benefits along to workers. The law slashed taxes for corporations on the promise that those benefits would trickle down to workers, instead according to a New York Times report “companies have spent nearly three times as much on additional dividends and stock buybacks, which boost a company’s stock price and market value.”

    • Over time, the law will actually raise taxes on more than half of North Carolina families, while handing most the benefits to corporations and the top one percent.

    • Ninety-one of the largest corporations didn’t pay federal income taxes on their 2018 income.

  • Put health care at risk for millions. Tillis’ vote set the stage for a dangerous repeal of the Affordable Care Act, which would gut protections for 1.7 million North Carolinians with pre-existing conditions, like asthma and cancer.

  • Put a financial burden on Gold Star Families. The GOP bill hiked taxes on military families, forcing some to pay thousands of dollars in taxes on survivor benefits.

  • Gave a windfall to pharmaceutical companies who used their savings to enrich executives and shareholders, instead of passing savings along to consumers in the form of cheaper prescription drugs.

    • As of September 2019, Tillis has accepted $260,000 from corporate PACs that represent the pharmaceutical industry.