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Trump Proposes $5 Trillion In Unfunded Tax Cuts

President Donald Trump delivers the Address to Congress on Tuesday, February 28, 2017, at the U.S. Capitol. This is the President’s first Address to Congress of his presidency. Official White House Photo by Shealah Craighead

As if our tax system was not already rigged to benefit the top 1%, here comes President Trump to take more money from working families and give it straight to the people at the top.

Trump unveiled his “new” tax reform bill that is nothing new. It is the same failed trickle down tax policy that has hurt working families for more than 30 years. This new tax plan is nothing more than a massive giveaway to the wealthiest Americans and big corporations.

Richard Trumka, President of the AFL-CIO called the new tax plan a “con game against working people.”

“The tax plan Republicans put out today is nothing but a con game, and working people are the ones they’re trying to con. Here we go again. First comes the promise that tax giveaways for the wealthy and big corporations will trickle down to the rest of us. Then comes the promise that tax cuts will pay for themselves. Then comes the promise that they want to stop offshoring. And finally, we find out none of these things is true, and the people responsible for wasting trillions of dollars on tax giveaways to the rich tell us we have no choice but to cut Medicaid, Medicare, Social Security, education and infrastructure. There always seems to be plenty of money for millionaires and big corporations, but never enough money to do anything for working people.”

The Americans for Tax Fairness estimates that Trump’s tax plan would rip a $5 trillion dollar hole in our federal budget and would drastically increase our national debt.

“The resulting jump in the deficit threatens funding of Social Security, Medicare, Medicaid, public education and other vital services,” Americans for Tax Fairness wrote.

“This tax plan will be a slow-motion disaster that hurts our country for years to come,” said Lee Saunders, President of AFSCME. “It is deeply irresponsible to let even a penny more in tax cuts go to the wealthy and corporations, while working people are barely keeping their heads above water, our roads and bridges are crumbling, our children face steep inequalities, and our seniors struggle to retire with dignity.”

“Our nation faces challenges that are not shared equally. The super-wealthy and corporations can and must shoulder their fair share of the burden. The plan announced today will further rig the system against working families and our communities by strip-mining the public services we all rely on. We cannot continue to put the interests of the rich and powerful before the interests of our country,” added Saunders.

“Everyone complains about taxes, but most of us want a tax code that is fair. Donald Trump’s tax proposal just makes it worse,” said AFT President Randi Weingarten.

The plan would reduce the number of tax brackets from seven down to three and slash the corporate tax rate in half. These cuts would only benefit large corporations, hedge fund managers, millionaires and billionaires like Donald Trump. 40% of the proposed tax cuts would go directly to the top 1% of Americans.

“The idea that this plan would help average Americans instead of the wealthy and big corporations has been a hoax all along,” said Frank Clemente, executive director, Americans for Tax Fairness. “This isn’t ‘tax reform,’ it’s just a big giveaway to millionaires and corporations, and it won’t ‘trickle down’ to the rest of us. It won’t help small businesses, but it will help Wall Street hedge fund managers and real estate moguls like Donald Trump. This plan will not lead to robust job creation or economic growth, but its eye-popping cost will lead to deep cuts in Social Security, Medicaid, Medicare, and public education that will leave working families in the cold.”

(The Americans for Tax Fairness have a full rundown of the proposed tax cuts and tax increases resulting in a nearly $5 trillion dollar deficit.)

Progressive groups are already pushing back against the Republican agenda to cut taxes on the wealthy at the expense of working people. Not One Penny, a coalition of progressive groups including MoveOn, Indivisible, and the Working Families Party created a petition opposing these tax cuts.

The petition states:

“I pledge to oppose any effort to cut taxes for the wealthy and well-connected. Not one penny in tax cuts for millionaires, billionaires, and wealthy corporations.”

All across America, working people are still struggling to pay their bills and have given up on the idea of saving for the future. We do need real tax reform, not handouts to the wealthiest among us. We need to close the loopholes that allow corporations to pay nothing in taxes while small businesses are paying upwards of 30%. We need a tax plan that puts money back in the hands of working families who need it not millionaires and billionaires who are already failing to pay their fair share.

“The president’s plan seems tailor-made to benefit himself and his businesses, but we don’t know because he hasn’t released his taxes. Trumpcare was defeated because millions of Americans rose up to stop attacks on the most vulnerable. Unless the president is prepared to work with Democrats and sensible Republicans on real tax reform that improves working people’s lives and ends handouts for the wealthy and corporations, today’s Trumptax plan will either catastrophically hurt working families or, hopefully, suffer the same fate as Trumpcare,” added Weingarten.

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About Matt Murray

Matt Murray is the creator and an author on the NH Labor News. He is a union member and advocate for labor and progressive politics. He also works with other unions and members to help spread our message. Follow him on Twitter @NHLabor_News
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