Congressman Cohen Introduces the REAL AMERICA Act

WASHINGTON - Congressman Steve Cohen (TN-9) today introduced the Reward Each American's Labor and Make Every Rich Individual Contribute Again (REAL AMERICA) Act, a bold tax reform bill that helps everyday working people while addressing Republican plans to sneak through a $2 trillion tax cut for millionaires and billionaires.

Congressman Cohen made the following statement:

"Donald Trump and Republicans want Americans to believe they support tax cuts for working people. But while they float limited tax reforms to mask their real agenda, their actual plan would require deep cuts to Medicaid, Medicare and Social Security in order to pay for their new round of tax giveaways to billionaires like Elon Musk, Trump's wealthy donors, and others making more than $400,000 every year.

"Democrats should not let that deception go unchecked. If Trump and the GOP want to talk about 'Real America,' then it's time they stand with real Americans -- like people who depend on tips, work overtime hours, and have worked hard their entire lives and now rely on Social Security. This bill gives them an easy chance to do that. The first two provisions -- eliminating federal taxes on tips and overtime pay -- came straight from President Trump's campaign playbook. Add in tax relief for Social Security recipients and elimination of the carried interest loophole, and you've got a real pro-worker tax plan. If Republicans are serious about helping the people they claim to represent, they should support the REAL AMERICA Act."

The REAL AMERICA Act will deliver real tax cuts for real working people by:

• Eliminating Federal Income Taxes on Tips - Service workers shouldn't be taxed on the tips they rely on to make ends meet;
• Making Overtime Pay Tax-Free - If you put in extra hours, you should take home extra pay, not hand more over to the IRS;
• Ending Federal Income Taxes on Social Security Benefits - Retirees paid into Social Security their entire working lives; it's time to stop taxing their hard-earned benefits; and
• Closing the Carried Interest Loophole - Billionaire hedge fund managers shouldn't pay a lower tax rate than their clerical assistants.

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