Make sure you understand the numerous ways this tax scam proposal is a gift to the wealthy and corporations while doing next to nothing for the working poor and the struggling middle class.
9 Reasons To Stop The GOP's Giant Tax Gift Bucket
Read this and then pick up the phone and call your member of Congress to say "Enough."
Americans for Tax Fairness has just published "Nine Terrible Things About the Republican Tax Plan." All are good reasons for you should get on the phone with your member of Congress and tell them to vote against this travesty of a tax bill.
The number to call is 877-795-7862. If a staff member of your senator or representative asks you why you oppose the Trump/Republican tax plan, here are some facts you can cite:
1. It prioritizes corporations over health care.
The corporate tax rate is slashed from 35% to 20%, losing $1.5 trillion--equal to the cuts Republicans plan to make to Medicare and Medicaid.
2. It puts Wall Street over seniors.
Hedge funds, law firms, and real estate companies like Trump's get a $448 billion tax cut from the drop (from 39.6% to 25%) in the top tax rate for "pass-through" businesses. The Republican budget cuts Medicare by $473 billion.
3. It is a real jobs killer.
By slashing the tax rate on foreign profits, the plan encourages multinational corporations to outsource more jobs and shift more profits offshore.
4. It hands a $500 billion tax cut to offshore tax dodgers.
American corporations already have $2.6 trillion in profits stashed offshore on which they owe $750 billion in U.S. taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $220 billion--over a half-trillion-dollar discount.
5. It makes the middle class pay more.
The plan repeals the deduction for state and local income and sales taxes (SALT). One-third of taxpayers making $50,000-$75,000 use this deduction, as do half of those making $75,000-$100,000.
6. It helps Donald Trump pay less.
The plan repeals the alternative minimum tax (AMT), losing almost $700 billion. Without the AMT, Trump would have paid just a 4 percent tax rate on $153 million in income one year. But thanks to the AMT, he paid $38 million for a tax rate of 25 percent.
7. It lets Ivanka and her siblings save billions.
In six years the bill repeals the estate tax, which will cost $170 billion. The Republican budget cuts education, job training and social services by $200 billion. Under the tax bill only estates worth at least $11 million would pay the estate tax. (That's double the current threshold of almost $5.5 million.) If Trump is worth the $10 billion he claims, his heirs could inherit billions tax free.
8. It breaks Trump's promise to close the "carried interest" loophole.
Remember when candidate Trump said "the hedge fund guys are getting away with murder" with this Wall Street tax break? This plan keeps it in place.
9. It adds $1.5 trillion to the national debt.
The bill includes $1.5 trillion in tax cuts that are not paid for by closing loopholes used by the wealthy and corporations. This will balloon the deficit and further endanger funding for Social Security, Medicare, Medicaid, public education and more.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Americans for Tax Fairness has just published "Nine Terrible Things About the Republican Tax Plan." All are good reasons for you should get on the phone with your member of Congress and tell them to vote against this travesty of a tax bill.
The number to call is 877-795-7862. If a staff member of your senator or representative asks you why you oppose the Trump/Republican tax plan, here are some facts you can cite:
1. It prioritizes corporations over health care.
The corporate tax rate is slashed from 35% to 20%, losing $1.5 trillion--equal to the cuts Republicans plan to make to Medicare and Medicaid.
2. It puts Wall Street over seniors.
Hedge funds, law firms, and real estate companies like Trump's get a $448 billion tax cut from the drop (from 39.6% to 25%) in the top tax rate for "pass-through" businesses. The Republican budget cuts Medicare by $473 billion.
3. It is a real jobs killer.
By slashing the tax rate on foreign profits, the plan encourages multinational corporations to outsource more jobs and shift more profits offshore.
4. It hands a $500 billion tax cut to offshore tax dodgers.
American corporations already have $2.6 trillion in profits stashed offshore on which they owe $750 billion in U.S. taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $220 billion--over a half-trillion-dollar discount.
5. It makes the middle class pay more.
The plan repeals the deduction for state and local income and sales taxes (SALT). One-third of taxpayers making $50,000-$75,000 use this deduction, as do half of those making $75,000-$100,000.
6. It helps Donald Trump pay less.
The plan repeals the alternative minimum tax (AMT), losing almost $700 billion. Without the AMT, Trump would have paid just a 4 percent tax rate on $153 million in income one year. But thanks to the AMT, he paid $38 million for a tax rate of 25 percent.
7. It lets Ivanka and her siblings save billions.
In six years the bill repeals the estate tax, which will cost $170 billion. The Republican budget cuts education, job training and social services by $200 billion. Under the tax bill only estates worth at least $11 million would pay the estate tax. (That's double the current threshold of almost $5.5 million.) If Trump is worth the $10 billion he claims, his heirs could inherit billions tax free.
8. It breaks Trump's promise to close the "carried interest" loophole.
Remember when candidate Trump said "the hedge fund guys are getting away with murder" with this Wall Street tax break? This plan keeps it in place.
9. It adds $1.5 trillion to the national debt.
The bill includes $1.5 trillion in tax cuts that are not paid for by closing loopholes used by the wealthy and corporations. This will balloon the deficit and further endanger funding for Social Security, Medicare, Medicaid, public education and more.
Americans for Tax Fairness has just published "Nine Terrible Things About the Republican Tax Plan." All are good reasons for you should get on the phone with your member of Congress and tell them to vote against this travesty of a tax bill.
The number to call is 877-795-7862. If a staff member of your senator or representative asks you why you oppose the Trump/Republican tax plan, here are some facts you can cite:
1. It prioritizes corporations over health care.
The corporate tax rate is slashed from 35% to 20%, losing $1.5 trillion--equal to the cuts Republicans plan to make to Medicare and Medicaid.
2. It puts Wall Street over seniors.
Hedge funds, law firms, and real estate companies like Trump's get a $448 billion tax cut from the drop (from 39.6% to 25%) in the top tax rate for "pass-through" businesses. The Republican budget cuts Medicare by $473 billion.
3. It is a real jobs killer.
By slashing the tax rate on foreign profits, the plan encourages multinational corporations to outsource more jobs and shift more profits offshore.
4. It hands a $500 billion tax cut to offshore tax dodgers.
American corporations already have $2.6 trillion in profits stashed offshore on which they owe $750 billion in U.S. taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $220 billion--over a half-trillion-dollar discount.
5. It makes the middle class pay more.
The plan repeals the deduction for state and local income and sales taxes (SALT). One-third of taxpayers making $50,000-$75,000 use this deduction, as do half of those making $75,000-$100,000.
6. It helps Donald Trump pay less.
The plan repeals the alternative minimum tax (AMT), losing almost $700 billion. Without the AMT, Trump would have paid just a 4 percent tax rate on $153 million in income one year. But thanks to the AMT, he paid $38 million for a tax rate of 25 percent.
7. It lets Ivanka and her siblings save billions.
In six years the bill repeals the estate tax, which will cost $170 billion. The Republican budget cuts education, job training and social services by $200 billion. Under the tax bill only estates worth at least $11 million would pay the estate tax. (That's double the current threshold of almost $5.5 million.) If Trump is worth the $10 billion he claims, his heirs could inherit billions tax free.
8. It breaks Trump's promise to close the "carried interest" loophole.
Remember when candidate Trump said "the hedge fund guys are getting away with murder" with this Wall Street tax break? This plan keeps it in place.
9. It adds $1.5 trillion to the national debt.
The bill includes $1.5 trillion in tax cuts that are not paid for by closing loopholes used by the wealthy and corporations. This will balloon the deficit and further endanger funding for Social Security, Medicare, Medicaid, public education and more.