In their latest “reckless and stupid” bid to deliver massive rewards to ultra-wealthy Americans, House Republicans on Monday introduced three pieces of legislation that make up the GOP’s so-called “Tax Reform 2.0” package.

But with less than two months to go before crucial midterm elections, early estimates indicate the GOP’s proposals would blow a nearly $3 trillion hole in the federal budget over ten years while sending the vast majority of the benefits to the top.

“Tax cuts 2.0 is another shameful attempt to impose the will of wealthy donors on the rest of us.”
—Alan Essig, Institute on Taxation and Economic Policy”The GOP doubling down on fake trickle-down puts Medicare, Medicaid, ACA, Social Security, education, and more in the cross hairs. People need to fight back,” Frank Clemente, executive director of Americans for Tax Fairness, wrote on Twitter. “Think how many kids we could put through college, roads we could pave, families that could get child care, seniors that could get help with prescription drugs with that much money. Shame!”

In a statement late Monday, Alan Essig, executive director of the Institute on Taxation and Economic Policy (ITEP), denounced the GOP’s last round of tax cut proposals as yet another right-wing attempt to “impose the will of wealthy donors on the rest of us.”

At the center of the GOP’s new tax cut package—which progressive critics have taken to calling Tax Scam 2.0—is the proposal to make the individual tax cuts of the current law permanent. Without this move, the individual rate cuts will expire in 2025.

According to a recent ITEP analysis, 71 percent of the benefits of such a change would go to the richest 20 percent of households.

“Tax cuts 2.0 is another shameful attempt to impose the will of wealthy donors on the rest of us,” Essig concluded. “It should not see the light of day.”