{"id":1029956,"date":"2024-03-07T03:22:36","date_gmt":"2024-03-07T03:22:36","guid":{"rendered":"https:\/\/democrats.org\/?p=1029956"},"modified":"2024-05-15T20:27:21","modified_gmt":"2024-05-15T20:27:21","slug":"donald-trump-and-maga-republicans-want-to-give-more-tax-giveaways-to-the-ultra-wealthy","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/donald-trump-and-maga-republicans-want-to-give-more-tax-giveaways-to-the-ultra-wealthy\/","title":{"rendered":"Donald Trump and MAGA Republicans Want To Give More Tax Giveaways to the Ultra-Wealthy"},"content":{"rendered":"\n
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DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cThe GOP\u2019s economic agenda is to double down on Donald Trump\u2019s disastrous MAGAnomics tax scam that blew up the deficit, and rigged the economy for the ultra-wealthy, and left behind America\u2019s middle class. Trump\u2019s tax giveaways marked the first time in American history that billionaires paid a lower tax rate than our middle class \u2013 that\u2019s nothing to be proud of. In stark contrast, President Biden is putting hardworking Americans first by fighting to make the wealthy and corporations pay their fair share in taxes. Once again, President Biden is working for Main Street while Trump puts Park Avenue and himself first.\u201d<\/p>\n\n\n\n

Trump and MAGA Republicans want to make permanent and expand his disastrous MAGAnomics tax giveaways for the ultra-wealthy that left America\u2019s middle class behind. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe former president\u2019s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law <\/strong>\u2026 Trump\u2019s advisers, though, have discussed proposals to make deeper cuts to the overall corporate tax rate, potentially to as low as 15 percent, or to use the revenue from the proposed tariffs to pay a dividend to U.S. households. Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201c[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.\u201d<\/strong><\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut<\/strong> in a Second Term: Report\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cBehind closed doors, Trump eyes second round of corporate tax cuts\u201d<\/p>\n\n\n\n

\u201cNonpartisan estimates have found that Trump\u2019s tax cut added more than $2 trillion to the federal debt. In 2018, the richest 20 percent of taxpayers saw an average of $7,600 in savings from the 2017 tax law, compared with just $930 in savings for middle-income households, according to the Tax Policy Center, a nonpartisan think tank. Making the tax cuts permanent would cost $3 trillion, the center said in 2022. More than 60 percent of the benefits would go to the richest 20 percent of Americans, and more than 40 percent of the benefits to those earning above $400,000 annually.\u201d<\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cI will never let the Trump tax cuts \u2026 I will never let them be taken away.\u201d<\/p>\n\n\n\n

Trump<\/a>: \u201cYou\u2019re all people that have a lot of money \u2026 You\u2019re rich as hell. We\u2019re gonna give you tax cuts.\u201d<\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cWe will replace Biden\u2019s tax hikes with the beautiful Trump tax cuts. You know, we have to extend the tax cuts.\u201d<\/p>\n\n\n\n

Trump<\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I do even more taxes.\u201d<\/p>\n\n\n\n

Committee for a Responsible Federal Budget<\/a>: \u201cCBO Estimates TCJA Extensions Could Cost Up to $2.7 Trillion\u201d<\/p>\n\n\n\n

Trump\u2019s tax scam benefited the wealthiest Americans while the middle class suffered. <\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/p>\n\n\n\n

ProPublica<\/a>: \u201cIn the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.\u201d<\/p>\n\n\n\n

Trump\u2019s MAGAnomics tax scam created new incentives for companies to ship jobs overseas \u2014 delivering a huge blow to American workers. <\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cHow offshoring rolled along under Trump, who vowed to stop it\u201d<\/p>\n\n\n\n

\u201cDonald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn\u2019t stop them.\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201c’He pulled the wool over our eyes’: workers blame Trump for moving jobs overseas\u201d<\/strong><\/p>\n\n\n\n

\u201cPromises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump\u2019s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump promised \u2018America First\u2019 would keep jobs here. But the tax plan might push them overseas.\u201d<\/strong><\/p>\n\n\n\n

ITEP<\/a>: \u201cThe Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore.\u201d<\/p>\n\n\n\n

Trump\u2019s tax scam sent the deficit skyrocketing to historic highs. <\/strong><\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cOne of President Donald Trump\u2019s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.<\/strong> The financial burden that he\u2019s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump\u2019s time in office.\u201d<\/strong><\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cThe growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cThe nation\u2019s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump\u2019s first term, Congress\u2019 nonpartisan budget scorekeeper projected Tuesday.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

DNC Rapid Response Director Alex Floyd released the following statement:  \u201cThe GOP\u2019s economic agenda is to double down on Donald Trump\u2019s disastrous MAGAnomics tax scam that blew up the deficit, and rigged the economy for the ultra-wealthy, and left behind America\u2019s middle class. Trump\u2019s tax giveaways marked the first time in American history that billionaires […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1029956","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nDonald Trump and MAGA Republicans Want To Give More Tax Giveaways to the Ultra-Wealthy - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/donald-trump-and-maga-republicans-want-to-give-more-tax-giveaways-to-the-ultra-wealthy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-07T03:22:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-15T20:27:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/donald-trump-and-maga-republicans-want-to-give-more-tax-giveaways-to-the-ultra-wealthy\/\",\"url\":\"https:\/\/democrats.org\/news\/donald-trump-and-maga-republicans-want-to-give-more-tax-giveaways-to-the-ultra-wealthy\/\",\"name\":\"Donald Trump and MAGA Republicans Want To Give More Tax Giveaways to the Ultra-Wealthy - 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