Billionaires Shouldn’t Benefit: Stopping the Trump Tax Scam
As President Trump takes to Twitter to try to distract attention from indictments issued this week by Special Counsel Robert Mueller, over and over he and his spokespersons say: “focus on taxes, focus on taxes….” Unfortunately, they don’t mean having the President release his tax returns, which would help answer the question as to the extent to which Trump has monetary connections to Russia. Release of his taxes would also show the extent of self-dealing enshrined in the tax cut plan he and his corporate-connected cabinet have been shopping around the country.
However, what Trump means when he is talking about taxes is “massive tax cuts” for corporations and YUGE handouts for billionaires like him. For example, Public Citizen research recently found that if just one policy from the proposed tax plan, repeal of the estate tax, were to be enacted, using conservative estimates, the combined savings for Trump’s heirs plus those of 14 of the wealthiest Trump administration officials would be about $1.7 billion – equal to the combined net worth of 18,000 U.S. families of a median net worth.
So, it’s not surprising that billionaires are excited about this tax scam. It’s “alternate facts” in action; for example, “small business” tax breaks that would only benefit wealthy individuals like investment fund managers, lawyers, and other rich people since true small businesses already overwhelmingly pay lower taxes than what the GOP has outlined in their tax policy framework. Overall, the tax giveaway proposal has an estimated whopping deficit-busting price tag of $2.4 trillion.
To show who the Republican tax scam is really benefiting, Public Citizen worked with Americans for Tax Fairness on a video lampooning the billionaires who stand to be richly rewarded by these tax breaks.
Unless it’s delayed again, we’re expected to tomorrow see release of the actual legislative language in the form of a Ways &Means tax bill in the U.S. House of Representatives and a likely bill in the Senate in the coming weeks. These bills are on a greased path, since the tax changes were authorized using the special budget maneuver called reconciliation that allows passage of these tax bills in both chambers by simple majority, when 60 votes is usually required in the Senate. But, that doesn’t mean that we can’t stop these terrible tax handouts from being enacted! Just like we stopped the repeal of Obamacare, engaged citizens can keep this tax scam from becoming a reality.
Please share our video on Twitter to help spread the truth that it’s really billionaires and wealthy corporations who stand to benefit from this tax plan. If you’re in the Washington, D.C. area, join a rally today on the grounds of the U.S. Capitol. Or, join any of the many events that are taking place around the country to protest this terrible tax plan.
And, of course, your member of Congress needs to directly hear from YOU that not one penny in tax cuts should go to millionaires, billionaires, or wealthy corporations. All you have to do is call 877-795-7862.
Thanks, as always, for making sure that REAL peoples’ voices, not just those of billionaires, are heard in this fight.