Wealthy Republican Rob Bresnahan wants more tax cuts for the super rich

Republican U.S. House candidate Rob Bresnahan has endorsed a tax policy that would benefit wealthy Americans like himself. Bresnahan’s net worth is estimated to be $69 million.

Bresnahan made his fortune as a venture capitalist. He is now challenging Democratic Rep. Matt Cartwright in Pennsylvania’s eighth district. 

In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, which significantly reduced tax rates for wealthy individuals and big corporations. Many of these tax cuts are set to expire in 2025, making their future contingent on which party controls Congress and the White House next year.

Bresnahan praised the Tax Cuts and Jobs Act during a voter meet and greet in Milford, PA in April.

“The Trump tax cuts were incredible,” Besnahan said. “I’m a big believer in the Trump tax cuts. I’m not a member of Congress so I don’t know all the details, but what I do like is the estate tax and how we were able to give people exceptions. We have a lot of family farms that will be impacted in the event that that’s not carried forward; that’s going to sunshine out in 2026. And Biden does not intend to restore those tax cuts. It’s a problem.”

Americans at every income level got a tax cut under the Tax Cuts and Jobs Act, but most of the benefits went to the wealthiest individuals and families. An analysis by the nonpartisan Tax Policy Center found that families earning more than $1 million annually — approximately 0.4% of all filers — received 16.5% of the total benefits. In other words, a small group of high-income households got a significant portion of the overall tax savings.

Bresnahan’s Financial Disclosure Report estimates his net worth to be between $5,577,625 and $68,829,995. In 2023, Bresnahan earned $5,667,900 in unearned income from various investments. His salary in this period totaled $173,384.60.

Bresnahan’s embrace of the Tax Cuts and Jobs Act could also undercut one of his central talking points. In multiple social media posts, Bresnahan has criticized President Joe Biden for contributing to a rise in the national debt.

“President Biden has destroyed Northeast Pennsylvania and our country over the past three years,” Bresnahan wrote in January. “The worst border crisis in history, historic inflation that is decimating families, and irresponsible spending that is pushing us further into debt.”

The nonpartisan Committee for a Responsible Federal Budget determined in January that the Tax Cuts and Jobs Act has added $1.9 trillion to the debt. The ​​Congressional Budget Office said in May that extending the law for ten years could add another $4.6 trillion to the deficit.

The Committee for a Responsible Federal Budget found in June that the Trump administration added $8.4 trillion to the deficit, while the Biden administration has only added $4.3 trillion. 

Bresnahan has endorsed Trump’s 2024 campaign.

Cartwright voted against the Tax Cuts and Jobs Act and criticized the bill for offering minimal relief to middle class taxpayers while increasing the national debt.