When President Trump and Republicans won control of the government, they promised tax relief for millions of working families. In recent weeks, it’s become clear that they don’t plan to keep their promise.
Their proposal gives generous handouts for those who need it least while ignoring working people struggling to make ends meet. Some middle-class families may even see a tax increase. The plan offers tax breaks for big business, lowers income taxes for the wealthiest 1%, and eliminates the estate tax, which only helps millionaires and billionaires.
Make no mistake – the proposals put forth by President Trump and Speaker of the House Paul Ryan aren’t cuts, they’re a scam. The Trump-Ryan tax plan would cost the country $2.4 trillion over the next decade. Their proposal is the same bill of goods Congress sells us every time they debate a tax cut for the wealthy.
Members of Congress talk about lowering tax rates and eliminating deductions like it will benefit working families. Some elected officials and pundits defend corporate tax cuts with the debunked claim that the savings will “trickle down” to working people in the form of new jobs and higher pay. That’s false.
While corporations and executives enjoy their largesse, working families know all too well there’s been little wage growth for the 99%. In fact, income inequality continues to hit record levels.
It’s unfathomable to argue that big corporations need a dramatic tax cut when they’re turning record profits. Rather than reinvest those profits with the people whose work makes them so successful, CEOs continue to hoard their money like Scrooge McDuck. President Trump himself could save an estimated $1 billion if his proposal becomes law.
Working people not only won’t benefit from higher wages or new jobs as a result of the Trump-Ryan proposal, but they’ll also have to pay for the cuts. In effect, Trump and Ryan want to finance their tax cut for the 1% on the backs of working families, seniors, the disabled, students, and others.
Trump and Ryan propose gutting programs working people depend on like Medicare, Medicaid, Social Security, education, and other services. Trump’s budget proposal calls for $4.3 trillion in cuts over the next decade, while Paul Ryan’s proposal goes even further, cutting an estimated $5.8 trillion.
It’s shortsighted and cruel of Congressional Republicans to say they have to cut benefits for working families because the country cannot afford it, yet advocate for enormous tax cuts for the wealthy. Elected officials must recognize that our country succeeds when they pursue policies aimed at helping those who need it most. While our tax system needs rebalancing, the Trump-Ryan plan is the wrong approach. Instead, Congressional leaders and the President should prioritize making the economy work for everyone. They can start by protecting working people’s freedom to find good jobs and join together in union, investing in our nation’s infrastructure, and ensuring everyone can afford high-quality health care, education, and retirement.
