“Rather than move toward a balanced budget, the GOP majority and President Trump instead have massively increased the budget deficit they once decried, thanks in large part to the tax bill they passed. And yet that has not stopped Republicans from audaciously running on a balanced budget again in 2018.”
News & Updates
For media inquiries, contact press@notonepenny.org.
“On September 5, Sen. Bernie Sanders introduced the Stop Bad Employers by Zeroing Out Subsidies (BEZOS) Act. The bill, a clear reference to Amazon founder and CEO Jeff Bezos, would create a welfare tax for large employers with workers who receive federal benefits such as food stamps. ”
“Claiming that federal agency budgets could not “sustain such increases," President Donald Trump nixed planned pay raises for civilian federal employees Thursday that were set to take effect in the new year. The move prompted Democratic opponents to swiftly cry foul, alleging hypocrisy for eliminating the annual pay increases that would cost a fraction of the trillions of dollars the president’s new tax law is projected to cost.”
“When President Donald Trump last year signed into law the biggest tax overhaul in three decades, many experts concluded it was clear that most of the cuts went to the wealthy. Less clear was that the cuts disproportionately favor whites over minorities — a gulf that will likely worsen a centuries-old economic divide between the races.”
“According to estimates from the Center on Budget and Policy Priorities, the top fifth of earners get 70 percent of the bill’s benefits, and the top 1 percent get 34 percent. The new tax treatment for “pass-through” entities — companies organized as sole proprietorships, partnerships, LLCs, or S corporations — will mean an estimated $17 billion in tax savings for millionaires in 2018. American corporations are rewarding their shareholders with stock buybacks this year, thanks in part to their tax savings.”