Big business repays Rep. Walters for tax breaks with new campaign ad

Congresswoman Mimi Walters

A new ad from the Chamber of Commerce is spinning facts about the tax bill in an effort to boost Congresswoman Mimi Walters.

The mutual back-scratching between big business and Congresswoman Mimi Walters (R-Irvine) continues with a new ad from the U.S. Chamber of Commerce spinning Walters’ yes vote on the unpopular tax bill.

Walters, who votes in line with the Chamber, a business lobbying group, 98 percent of the time, voted with them once again on the GOP tax bill, even as a fellow California Republican pointed out “almost all of the bill’s tax cuts would be distributed to other states — leaving California with the bill.”

The new ad calls Walters “a tireless defender of hardworking middle class families” and claims her vote for the tax bill “put more money in our paychecks.” Yet economic data and surveys tell a different story.

According to Bloomberg reporting, the tax bill always aimed to benefit wealthy corporations, not families. “Of course, companies were expected to receive the bulk of the tax savings,” wrote Bloomberg. “That’s how the plan was designed.”

Wealthy corporations are on pace to rake in more than $1.6 trillion, thanks to the recent work of Congressional Republicans, who passed the bill. And Big Wall Street banks are already swimming in excess cash from the bill, gaining $6 billion more in profit in 2018 alone because of congressional supporters like Walters.

When it comes to individuals, the Walters-backed tax bill is a gift to the wealthiest, with middle-class families and poor families receiving far less. The richest one percent of Americans will swipe more than 80 percent of the breaks from the tax bill, leaving the rest of America the scraps. One study shows “the richest Americans get a tax break of $51,140, while the poorest Americans receive one of $60.”

The news for Californians is even worse than the rest of the country. According to Washington Post analysis, “blue states such as New York, California and New Jersey are among those with the fewest beneficiaries of the changes to the tax law’s income provisions.”

Some of those provisions include tax hikes for Orange County homeowners. One estimate shows some homeowners will be on the hook for $4,500 more taxes this year alone.

As for paychecks, which Walters and other Republicans promised would get bigger, multiple surveys show more than half of Americans haven’t seen any increase in their paychecks. One of the polls, conducted in mid-March and “well enough into the year for Americans to notice a change,” showed fewer than 1 in 3 people noticed any change, according to CNBC.

“It could also be that the tax cut provided too small a break to be meaningful to many Americans,” CNBC said.

One reason the Chamber may have cause for concern regarding Walters’ race is a recent L.A. Times poll, which showed voters are significantly more likely to look unfavorably upon any lawmaker who voted for the tax bill.

As SoCal Daily previously reported, “The tax bill is almost as toxic [as the vote to repeal Obamacare], with a mere 21 percent of California voters more likely to support someone who voted for it. Once again, a majority (52 percent) are less likely to support members like Reps. Knight and Walters, who both supported the bill.”

Just last year, the Chamber threatened members of Congress who dared to stand in the way of the tax bill’s giveaways to wealthy corporations.

“The U.S. Chamber of Commerce is taking a hard-line stance on tax reform, suggesting it will work to oust members of Congress who get in the way of rewriting and modernizing the U.S. tax code,” reported the Washington Post in August 2017.

However, Republicans are now abandoning efforts to talk about the unpopular tax bill. Fellow Californian Congressman Steve Knight (R-Palmdale) recently made national headlines for his acknowledgement of the bill’s unpopularity.

But Walters continues to promote the flailing tax bill today, after she ignored her constituents to go all-in for the tax bill just like the corporate members of the Chamber wanted. And now the Chamber is going all-in for Walters.

Here is the ad from the Chamber of Commerce, which is currently airing in Walters’ district: