NEBRASKA FOR US DISPLAYS MOBILE BILLBOARD TO HIGHLIGHT REP. don bacon’s record of supporting tax breaks for billionaires

OMAHA, Nebraska (May 11, 2024)—Today, Nebraska For Us is driving around Congressional District 2 and participating in the Cinco de Mayo parade in order to urge Congressman Don Bacon to rethink his support of tax policies that disproportionately benefit the wealthy and large corporations over working class and middle income Nebraskans.

“Specifically, we are asking Congressman Don Bacon to oppose H.R. 4721—a bill he co-sponsored that would give more tax breaks to ultra-wealthy business owners corporations,” Nebraska For Us State Director Angie Lauritsen said. “Time and time again, we have seen evidence that the 2017 tax law did not benefit our working class neighbors—even remotely—to the same degree as the top income earners. We need a fairer tax code that centers hardworking Nebraskans, especially those living paycheck to paycheck.”

The Institute on Taxation and Economic Policy even found that 23 large corporations paid $0 in federal taxes from 2018 to 2022, despite being profitable every one of those years. 

H.R. 4721 is another major tax giveaway to primarily wealthy business owners that would make permanent the pass-through tax deduction from the 2017 GOP Tax Scam, which Congressman Bacon voted for. A study by Treasury Department economists found that the top 1% of Americans received nearly 60% of the billions in tax savings created by the provision during its first years in effect—and most of that amount went to the top 0.1%.

Extending the pass-through deduction, as H.R. 4721 would do, will give the richest 1% almost $34 billion in tax breaks in 2026 alone. Even though there are many small pass-through businesses across the country, a majority of pass-through profits go to the wealthy owners of large companies, including private equity firms, oil and gas companies, and big real estate businesses.

Nebraska For Us is a coalition of concerned Nebraskans focused on economic issues, like taxes affecting small businesses, along with jobs, Social Security, Medicare, the cost of living, inflation, and many more.

In addition to the mobile billboard, Nebraska For Us has highlighted Congressman Bacon’s record on a variety of economic policies in broadcast placements and mail pieces. Subjects include the Inflation Reduction Act, Social Security and Medicare, and tax cuts for the ultra wealthy. For more information and updates, visit nebraskaforus.org.