{"id":1036034,"date":"2024-06-17T18:50:41","date_gmt":"2024-06-17T18:50:41","guid":{"rendered":"https:\/\/democrats.org\/?p=1036034"},"modified":"2024-06-17T18:50:42","modified_gmt":"2024-06-17T18:50:42","slug":"icymi-trump-promises-again-to-reward-ultra-wealthy-corporations-with-tax-cuts-instead-of-helping-hardworking-americans","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/icymi-trump-promises-again-to-reward-ultra-wealthy-corporations-with-tax-cuts-instead-of-helping-hardworking-americans\/","title":{"rendered":"ICYMI: Trump Promises Again to Reward Ultra-Wealthy Corporations with Tax Cuts Instead of Helping Hardworking Americans"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"341\" width=\"1024\" src=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?w=1024\" alt=\"\" class=\"wp-image-1031397\" srcset=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png 1500w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?resize=300,100 300w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?resize=768,256 768w, https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?resize=1024,341 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong><em>DNC National Press Secretary Emilia Rowland released the following statement after Trump promised CEOs another corporate tax cut:<\/em><\/strong><\/p>\n\n\n\n<p>\u201cTrump is once again putting his wealthiest donors and billionaire buddies above everyone else by promising yet another handout to the biggest corporations on the backs of hardworking American families \u2013 as if the 14% giveaway in his 2017 tax scam wasn\u2019t enough. Meanwhile, President Biden has spent his first term fighting to reverse Trump\u2019s disastrous tax scam so that no teacher, firefighter, nurse, or doctor is forced to pay higher tax rates than billionaires. Trump\u2019s latest pledge to reward ultra-wealthy corporations makes clear just how high the stakes are for working Americans in our fight to reelect President Biden and Democratic majorities in Congress so we can continue cutting costs for hardworking families and block MAGA Republicans\u2019 plan to force taxpayers to foot the bill for another handout to Big Oil and Pharma.\u201d<\/p>\n\n\n\n<p><strong>During discussions with CEOs last week, Trump made another promise to cut the corporate tax rate.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.nytimes.com\/2024\/06\/13\/us\/politics\/trump-corporate-tax-rate.html\">New York Times<\/a>: \u201cFormer President Donald J. Trump told a group of America\u2019s most powerful chief executives on Thursday that he intended to<strong> cut the corporate tax rate to 20 percent from 21<\/strong> percent, according to three people who attended the meeting and who spoke on the condition of anonymity because the ground rules stipulated the meeting was off the record.\u201d [&#8230;]&nbsp;<\/p>\n\n\n\n<p>\u201cSpecifically, <strong>Mr. Trump is said to have told them that he wanted to further lower the corporate rate to 20 percent, which he said he liked because it\u2019s a \u201cround number\u201d<\/strong> and because he thought doing so would make American companies more competitive and create jobs, according to the people in attendance.\u201d<\/p>\n\n\n\n<p><strong>Trump\u2019s proposed tax scam would include some of the following rewards for already-wealthy corporations instead of uplifting hardworking Americans:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.americanprogressaction.org\/article\/trumps-50-billion-tax-giveaway-to-the-100-largest-corporations\/\">Center for American Progress<\/a>:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u201cGive the largest 100 U.S. companies<\/strong> (the Fortune 100) a total <strong>estimated annual tax cut of $48 billion<\/strong><strong>. <\/strong><strong>They reported $1.1 trillion in profits<\/strong> in their last annual report.\u201d [&#8230;]<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u201cGive the five largest drug makers<\/strong>\u2014Johnson &amp; Johnson, Merck, Pfizer, AbbVie, and Bristol-Meyers Squibb\u2014an annual total <strong>estimated tax cut of $3.1 billion, while gutting President Biden\u2019s landmark victory in the Inflation Reduction Act that requires drug manufacturers to negotiate prices to bring down costs for consumers. They reported over $50 billion in profits.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u201cGive five of the largest Wall Street banks<\/strong>\u2014JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs\u2014an annual total <strong>estimated tax cut of $4.1 billion. They reported nearly $113 billion in profits.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u201cGive five of the largest grocery companies<\/strong>\u2014Kroger, Costco, Albertsons, Target, and Walmart\u2014an annual total <strong>estimated tax cut of nearly $1.7 billion. They reported over $29 billion in profits.\u201d<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Last week\u2019s promises to CEOs are not the first time Trump has 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<p><a href=\"https:\/\/x.com\/BidenHQ\/status\/1736108959335919791?s=20\">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<p><a href=\"https:\/\/x.com\/BidenHQ\/status\/1735406353240219972?s=20\">Trump<\/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<p><a href=\"https:\/\/www.c-span.org\/video\/?529091-1\/donald-trump-campaigns-south-carolina\">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<p><a href=\"https:\/\/twitter.com\/DNCWarRoom\/status\/1671314085445509122\">Trump<\/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<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-06\/trump-tariffs-trade-policies-to-be-harsher-in-2024-comeback-bid?sref=j9PkcaMF\">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<p><a href=\"https:\/\/www.vanityfair.com\/news\/2023\/09\/donald-trump-second-term-tax-cuts\">Vanity Fair<\/a>: \u201cDonald<strong> <\/strong>Trump<strong> <\/strong>Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report\u201d<\/p>\n\n\n\n<p><strong>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<p><a href=\"https:\/\/itep.org\/55-profitable-corporations-zero-corporate-tax\/\">ITEP<\/a>: <strong>\u201c55 Corporations Paid $0 in Federal Taxes on 2020 Profits\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.nytimes.com\/2019\/12\/30\/business\/trump-tax-cuts-beat-gilti.html\">New York Times<\/a>: <strong>\u201cHow Big Companies Won New Tax Breaks From the Trump Administration\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.forbes.com\/sites\/camilomaldonado\/2019\/10\/10\/trump-tax-cuts-helped-billionaires-pay-less-taxes-than-the-working-class-in-2018\/?sh=642388dd3128\">Forbes<\/a>: <strong>\u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/two-years-after-trumps-tax-reform-the-middle-class-is-struggling\/\">CBS News<\/a>: <strong>\u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.theguardian.com\/business\/2019\/oct\/09\/trump-tax-cuts-helped-billionaires-pay-less\">The Guardian<\/a>: <strong>\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<p><a href=\"https:\/\/www.epi.org\/press\/the-tcja-overwhelmingly-benefited-the-rich-and-corporations-while-overlooking-working-families\/\">Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.propublica.org\/article\/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut\">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<p><a href=\"https:\/\/www.npr.org\/2019\/12\/20\/789540931\/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises\">NPR<\/a>: \u201cMore than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan Tax Policy Center. The measure also slashed the corporate tax rate by 40%.\u201d<\/p>\n\n\n\n<p><strong>President Biden wants to raise the corporate tax rate to 28%, which would raise $1.1 trillion over 10 years to reinvest in the American people and help reduce the deficit.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.americanprogressaction.org\/article\/trumps-50-billion-tax-giveaway-to-the-100-largest-corporations\/\">Center for American Progress<\/a>: \u201cPresident Joe Biden, by contrast, would raise the corporate tax rate to 28 percent\u2014halfway between the current 21 percent rate and the previous 35 percent rate. This would raise $1.1 trillion over 10 years to help pay for investments in the American people and reduce the deficit.\u201d<br><\/p>\n\n\n\n<p><a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2024\/03\/budget_fy2025.pdf\">Budget of the United States Government, Fiscal Year 2025<\/a>: \u201cEnsures Corporations Pay Their Fair Share\u201d<br><br>\u201cThe Budget increases the rates that corporations pay in taxes on their profits. Corporations received an enormous tax break in 2017, cutting effective U.S. tax rates for U.S. corporations to a low of less than 10 percent. <strong>While their profits soared, their investment in their workers and the economy did not. Their shareholders and top executives reaped the benefits, <\/strong>without the promised trickle down to workers, consumers, or communities. <strong>The Budget would set the corporate tax rate at 28 percent,<\/strong> still well below the 35 percent rate that prevailed prior to the 2017 tax law. In addition,<strong> the Budget would raise the Inflation Reduction Act\u2019s corporate minimum tax rate on billion-dollar corporations from 15 percent to 21 percent, ensuring the biggest corporations pay more of their fair share.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DNC National Press Secretary Emilia Rowland released the following statement after Trump promised CEOs another corporate tax cut: \u201cTrump is once again putting his wealthiest donors and billionaire buddies above everyone else by promising yet another handout to the biggest corporations on the backs of hardworking American families \u2013 as if the 14% giveaway in [&hellip;]<\/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-1036034","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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