A new report from the Associated Press details how Congressman Vern Buchanan helped “craft” the tax law to make himself even wealthier, providing even further evidence how the GOP tax law stands to benefit the top 1 per cent, not hard working Florida families. The article shows Buchanan, already worth at least $80 million, will get a bigger tax break under the GOP tax law.
Florida Democratic Party Spokeswoman Caroline Rowland released the following statement following the recent revelations:
“It’s disgusting that Vern Buchanan would use his position in Congress to make it easier to fly his private jet. While Florida families struggle to make ends meet, Buchanan is crafting laws to make himself wealthier. That is the GOP way, give tax breaks to themselves, and their wealthy donors, not the middle class.”
The AP report noted:
“Already one of the wealthiest lawmakers on Capitol Hill, Buchanan could become even wealthier after he and other Republicans muscled a sweeping rewrite of the U.S. tax code through Congress late last year that includes breaks for the real estate and automobile industries that generate most of his income.
“The potential windfall for Buchanan — worth at least $80 million and perhaps much more — echoes on a smaller scale how favorable the new tax law is to President Donald Trump, whose fiery populism won him support from struggling American workers and families.
“Only high-income people would get a meaningful tax cut after 2025, when nearly all the plan’s individual income tax provisions are due to expire.
“Buchanan, as a member of the House Ways and Means Committee, had more of a hand than most lawmakers in putting the tax bill together. And he’ll play a central role this year monitoring how the Treasury Department and IRS implement the law. He was selected in January to head the panel’s subcommittee on tax policy.”