Richmond, VA — Hung Cao called a radical plan that would give the rich a giant tax giveaway “perfect” – benefiting the ultrawealthy at the expense of working families.
In February of 2022, Florida Senator Rick Scott, then serving as the leader of the National Republican Senatorial Committee, rolled out a radical budgetary plan for the GOP that he saw as a blueprint if he were to become Majority Leader. Hung Cao bragged that he was consulted by Rick Scott about the plan and called it “perfect” and endorsed Rick Scott for Majority Leader and called him his political mentor.
Part of Scott’s 11-point plan was to make the Trump tax cuts permanent, which largely benefitted the wealthy. According to the Tax Policy Center, households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent.
Additionally, this radical plan would raise taxes on 34.5 percent of Virginians and 45.8 percent of small businesses, while giving a giant tax break to the very wealthy. Virginia families are already dealing with higher costs on food and housing – but Hung Cao still wants to raise taxes on them. By contrast, Tim Kaine is consistently working for Virginia families and helping to bring solutions and keep more money in Virginians’ pockets.
Mitch McConnell even lambasted Scott for this radical plan, saying “It’s just a bad idea.” What is crystal clear is that while this plan was far from perfect for McConnell, Hung Cao thinks this radical scheme would be “perfect.”
“The last thing Virginia families need is a tax hike in order to give giant tax breaks to the wealthy – but that’s exactly what Hung Cao’s radical scheme would do,” said Michael Beyer, Communications Director for Senator Kaine’s campaign. “Senator Kaine stands up for Virginia families across the Commonwealth, which is why he is laser focused on lowering costs and cutting taxes for everyday Virginians, not on giving the rich a huge tax break.”
Cao’s Cuts is a series the Kaine for Virginia campaign launched to highlight how Hung Cao supports a radical plan that could weaken border security; defund law enforcement; jeopardize veterans’ benefits; raise taxes on active-duty servicemembers and disenfranchise veterans; put Medicare, Social Security and Medicaid on the chopping block; raise taxes on Virginia families and small businesses; and give the rich giant tax giveaways.
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