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Economic Prosperity

On Tax Day, Trump-GOP Tax Scam Continues to Favor the Wealthy

Apr 15, 2019

Trump Wants Working Families to Pick Up the Tab for $2 Trillion Tax Cut to the Rich


This Tax Day, as people file their taxes for the first time under the Republican tax law, the Trump-GOP tax scam continues to be a windfall for the wealthy and corporations. In fact, twice as many companies are
paying zero taxes under the Trump-GOP tax scam even though these companies earned billions of dollars in profits last year.

President Trump and congressional Republicans promised that their tax law would help workers and the middle class. But working families aren’t fooled: a recent poll finds that a majority of Americans agree that the Republican tax scam benefits the wealthy and corporations, not the middle class. More Americans say that their taxes have increased because of the law than those who say their taxes have decreased.

“President Trump and congressional Republicans sold Americans a big fat lemon,” said For Our Future Ohio spokesperson Daniel van Hoogstraten. “Not only has the GOP tax scam failed to put more money in the pockets of hardworking Ohioans, but the tax law has encouraged companies like General Motors to eliminate good-paying jobs in our state and instead boost production overseas.”

Adding insult to injury, President Trump now wants working families to pick up the tab for his $2 trillion tax cut to the rich. In March, President Trump called for sweeping budget cuts to programs like Medicare, Medicaid, and Social Security to help pay for the GOP tax scam. Trump’s budget also calls for an additional $1.1 trillion in tax cuts that would primarily benefit the wealthy.

MORE ON THE #GOPTAXSCAM:

  • “Economic data shows that the tax bill’s benefit to workers was largely a mirage… In the past 12 months, cash bonuses only gave workers an extra 2 cents in average hourly compensation, adjusted for inflation.” [Vox, 12/18/18]
  • “Corporate America celebrated the first full year under the new tax law by rolling out a record-setting $1 trillion of stock buybacks… Not only did the tax law reduce the corporate rate, but it gave a big break to companies returning foreign profits.” [CNN Business, 12/17/18]
  • “The US federal budget deficit jumped to $779 billion in fiscal year 2018, the highest level since 2012… The increase in the deficit contradicts Trump and other officials promise that the GOP tax bill would ‘pay for itself.’” [Business Insider, 10/15/18]

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For Our Future Ohio (FOF-OH) is a statewide coalition organization that builds progressive power through voter engagement and community organizing to create shared economic prosperity, strengthen public education, advance social and racial justice, and preserve the environment. FOF-OH’s founding partners are the AFL-CIO, National Education Association, AFSCME, American Federation of Teachers, and NextGen America.

www.forohiosfuture.org

@ForOurFutureOH

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