The TrumpTax Is Disastrous for the Middle Class, Small Businesses, and the Economy
FOR IMMEDIATE RELEASE:
Thursday, April 26, 2018
WASHINGTON, D.C. — While Donald Trump and Republicans in Congress criss-cross the country trumpeting their failed tax plan, it becomes more and more clear that the TrumpTax was written by and for the wealthy at the expense of working people.
No matter how hard Republicans try to spin it, it is clear that the TrumpTax is disastrous for consumers, middle-class families, small business owners, workers, and our economy. And the American people know it.
Despite Republicans’ promises that their tax plan would help middle-class families, the law gives massive tax breaks to the wealthiest Americans while the vast majority of Americans haven’t seen any benefit from the TrumpTax.
- The Washington Post: The richest Americans get a $33,000 tax break under the GOP tax law. The poorest get $40.
- The Washington Post: Shock poll—Majority of Americans don’t see Trump tax cuts in paychecks
- NBC News: Special Trump tax provision gives $17 billion break to millionaires, gov’t report finds
- Axios: Pharma’s $50 billion tax windfall for investors
- Mother Jones: How Trump Turned Tax Day Into a Giveaway for the 1 Percent
- Morning Consult: Fewer Voters Report Seeing Paycheck Bump From 2017 Tax Law
Wall Street profits continue to soar under the Republican tax plan. The tax plan gives billions to the big banks and wealthy corporations that caused the Great Recession, all while small businesses are left behind.
- Associated Press: Big banks saved $3.6B in taxes last quarter under new law
- The Wall Street Journal: JPMorgan Reports Record Earnings, Boosted by Tax Law
- The Wall Street Journal: Bank of America’s Profits Lifted by Tax Law, Rising Interest Rates
- Fortune: The Big Banks Are Reporting Record Profits Thanks in Part to President Trump’s Tax Cuts
- CNN: Big banks are minting money right now
- The Hill: Most small-business owners say they will not hire, give raises because of new tax law
The TrumpTax is not helping workers. Instead of helping raise workers’ wages or create new jobs, big corporations are buying back stock to further enrich corporate stakeholders and wealthy investors.
- The Washington Post: The tax cuts were supposed to help workers. Unions say they’re not.
- CNBC: Tax cut riches have gone to execs and investors over workers by nearly 3-to-1 margin
- CNBC: Companies projected to use tax cut windfall for record share buybacks
- CBS News: Trump tax cuts have no effect on most business’ hiring plans
- Vox: Corporate stock buybacks are booming, thanks to the Republican tax cuts
- USA Today: Tax cut savings flow to company stockholders, trickle to hourly workers
- Fast Company: Workers Are Getting Basically Nothing From The Corporate Tax Windfall
The TrumpTax adds $1.8 trillion to the deficit, threatening massive cuts to critical programs that help working families make ends meet.
- Associated Press: Analysis—Tax cuts, spending to raise deficit to $1T by 2020
- The Washington Post: Ryan says Republicans to target welfare, Medicare, Medicaid spending in 2018
- Newsweek: Trump Tax Plan Will Make U.S. Only Advanced Economy To See Its Public Debt Ratio Increase, Imf Warns
Republicans falsely promised that the TrumpTax would boost economic growth, but it’s clear that this plan is another trickle-down trick.
- Associated Press: Survey of economists shows outlook for 2018 is sunny, but not because of Trump tax cuts
- Business Insider: Trump claimed the tax bill would lead to a huge boost in business spending — but there’s no sign of it yet
- The Wall Street Journal: How the Tax Cut President Trump Loves Will Deepen Trade Deficits He Hates
- CNBC: The GOP tax plan means short-term gains for the economy, but federal debt is primed to explode, CBO analysis says
- Newsweek: Trump Tax Plan—80 Percent Of Economic Gains Will End Up Going To Foreigners In 2028, Democratic Senator Says
Since its passage, Americans have continually rejected the TrumpTax. Despite Republicans’ efforts to deceive the public about their tax plan, Americans are not falling for their lies.
- The Washington Post: Tax cuts were supposed to save the GOP from Trump. Oops.
- Bloomberg: Republicans Struggle to Make Tax Cuts a Winning Election Issue
- The Hill: GOP tax message hits a snag
- CNBC: GOP tax cuts have gotten less popular with voters
- MSNBC: Republican tax cuts not working out as the GOP intended
Huffington Post: Republicans Are Seeing Weak Returns On The Tax Law