{"id":1030752,"date":"2024-04-17T16:23:18","date_gmt":"2024-04-17T16:23:18","guid":{"rendered":"https:\/\/democrats.org\/?p=1030752"},"modified":"2024-05-23T19:56:02","modified_gmt":"2024-05-23T19:56:02","slug":"tax-season-2025-trump-and-maga-republicans-want-to-give-big-corporations-another-tax-handout","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/tax-season-2025-trump-and-maga-republicans-want-to-give-big-corporations-another-tax-handout\/","title":{"rendered":"Tax Season 2025: Trump and MAGA Republicans Want To Give Big Corporations Another Tax Handout"},"content":{"rendered":"\n
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As the Republican Study Committee pushes an extreme blueprint that would repeal the corporate minimum tax, <\/em>DNC Rapid Response Director Alex Floyd released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cAfter rigging the economy for the ultra-wealthy with disastrous tax giveaways, Donald Trump and his MAGA minions want to double down on their failed MAGAnomics agenda by giving giant corporations another tax handout. President Biden is running on an agenda to hold big corporations accountable for paying their fair share of taxes just like the rest of us, but Trump and MAGA Republicans would rather incentivize companies to ship American jobs overseas and let billionaires pay less in taxes than our middle class. Hardworking Americans will reject Trump and his ultra-wealthy corporate backers at the ballot box this November because they know our country cannot afford four more years of Trump\u2019s failed MAGAnomics agenda.\u201d<\/p>\n\n\n\n

Donald Trump and his MAGA allies on the Republican Study Committee \u2013 which includes 80% of the House GOP \u2013 want to slash the corporate tax rate and repeal the corporate minimum tax that helps ensure big corporations can\u2019t get away with paying nothing in federal income taxes.<\/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

Washington Post<\/a>: \u201cTrump has told allies that he is keenly interested in cutting corporate tax rates again <\/strong>\u2026 Three of Trump\u2019s senior economic policy advisers also said privately that they see the corporate tax cut as an enormous success and believe it should be expanded in a second term.\u201d<\/p>\n\n\n\n

\u201cTrump\u2019s 2017 tax law cut the corporate rate from 35 percent to 21 percent, though Trump at the time wanted to lower it to 15 percent. \u2026 Asked by NBC about if he would cut the corporate tax rate to 15 percent, Trump said that he would \u2018like to lower them a little bit if we could.\u2019\u201d<\/strong><\/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 has repeatedly doubled down on his promise to make permanent and extend his disastrous MAGAnomics tax giveaways for the ultra-wealthy.<\/strong><\/p>\n\n\n\n

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

Trump<\/strong><\/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<\/strong><\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I\u2019d do even more taxes.\u201d<\/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<\/p>\n\n\n\n

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

REMINDER: Trump\u2019s 2017 MAGAnomics tax scam was a boon for corporations and the ultra-wealthy that left the middle class behind.<\/strong><\/p>\n\n\n\n

ITEP<\/a>: \u201c55 Corporations Paid $0 in Federal Taxes on 2020 Profits\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cHow Big Companies Won New Tax Breaks From the Trump Administration\u201d<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/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 also openly rooted for the economy to crash so it would benefit him politically \u2014 with no regard for how it would hurt hardworking families. <\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cAnd when there\u2019s a crash \u2014 I hope it\u2019s going to be during this next 12 months because I don\u2019t want to be Herbert Hoover. The one president I just don\u2019t want to be, Herbert Hoover.\u201d<\/strong><\/p>\n\n\n\n

Business Insider<\/a>: \u201cTrump says he hopes the US economy will crash within the next year to avoid being a ‘Herbert Hoover’\u201d<\/p>\n\n\n\n

Daily Beast<\/a>: \u201cDonald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Republican Study Committee pushes an extreme blueprint that would repeal the corporate minimum tax, DNC Rapid Response Director Alex Floyd released the following statement: \u201cAfter rigging the economy for the ultra-wealthy with disastrous tax giveaways, Donald Trump and his MAGA minions want to double down on their failed MAGAnomics agenda by giving giant […]<\/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-1030752","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTax Season 2025: Trump and MAGA Republicans Want To Give Big Corporations Another Tax Handout - 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\/tax-season-2025-trump-and-maga-republicans-want-to-give-big-corporations-another-tax-handout\/\" \/>\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=\"2024-04-17T16:23:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T19:56:02+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\/tax-season-2025-trump-and-maga-republicans-want-to-give-big-corporations-another-tax-handout\/\",\"url\":\"https:\/\/democrats.org\/news\/tax-season-2025-trump-and-maga-republicans-want-to-give-big-corporations-another-tax-handout\/\",\"name\":\"Tax Season 2025: Trump and MAGA Republicans Want To Give Big Corporations Another Tax Handout - 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