{"id":1025739,"date":"2023-09-14T19:29:32","date_gmt":"2023-09-14T19:29:32","guid":{"rendered":"https:\/\/democrats.org\/?p=1025739"},"modified":"2024-05-16T16:50:16","modified_gmt":"2024-05-16T16:50:16","slug":"republicans-maganomics-puts-ultra-wealthy-over-working-families","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/republicans-maganomics-puts-ultra-wealthy-over-working-families\/","title":{"rendered":"Republicans\u2019 MAGAnomics Puts Ultra-Wealthy Over Working Families"},"content":{"rendered":"\n
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As President Biden focuses on his economic vision to deliver relief for hardworking Americans by growing the economy from the bottom up and middle out, investing in America, empowering workers, and lowering costs for families, Republicans running for the highest office in the country are campaigning on a MAGAnomics platform of lining the pockets of the wealthy and big corporations, cutting Social Security and Medicare, and pushing policies that could raise costs for working families.<\/p>\n\n\n\n

2024 GOP candidates love Trump\u2019s unpopular tax breaks for the wealthy so much that they\u2019ve pledged to bring back and extend<\/em> his MAGA tax scam at the expense of America\u2019s middle-class families. <\/strong><\/p>\n\n\n\n

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Washington Post<\/a>: \u201cTrump<\/strong> and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law, which they see as a major accomplishment worth expanding, according to interviews with a half-dozen people close to the former president, some of whom spoke on the condition of anonymity to describe private conversations. \u2026 Trump\u2019s advisers, though, have discussed proposals to make deeper cuts to the overall corporate tax rate, potentially to as low as 15 percent, or to use the revenue from the proposed tariffs to pay a dividend to U.S. households.\u201d<\/p>\n\n\n\n

Sullivan<\/a>: \u201cGoing back to debts, we hear about we need to raise taxes on the wealthy, we need to raise taxes on corporations. If elected, would you keep personal and\/or corporate tax rates where they are? What\u2019s your tax plan?\u201d <\/p>\n\n\n\n

DeSantis<\/strong>: \u201cYeah, I think we need to \u2014 the current rates that are due to expire, we want to keep those rates in place.\u201d<\/p>\n\n\n\n

Sullivan: \u201cYou keep those cuts going?\u201d <\/p>\n\n\n\n

DeSantis: \u201cYeah. We don\u2019t want to see increases in taxes, we definitely wanna see things like permanent bonus depreciation, making sure we have full expensing. I think that that\u2019s a really smart thing to do. That\u2019s kind of been eroded over the last few years, but we should do that.\u201d<\/p>\n\n\n\n

Sullivan<\/a>: \u201cWhat about macro tax policy, governor? The president wants to roll back the top end to where it was prior at 39.6, it\u2019s now at 37. Would you endorse that or would you keep it at the 37% where it currently is?\u201d <\/p>\n\n\n\n

Haley<\/strong>: \u201cWell, I think what I\u2019d like to see is us go back to what Trump had under the tax cuts under him. \u2026 I was there.\u201d <\/p>\n\n\n\n

Greater Fort Wayne Business Weekly<\/a>: \u201cSpeaking to Greater Fort Wayne Business Weekly, Pence<\/strong> said if elected, \u2018First thing we\u2019re going to do is make the Trump-Pence tax cuts permanent. They\u2019re due to expire in 2025, and we need a Republican president and a Republican Congress to continue those tax (cuts). The last thing we need in the face of the disastrous economic policies of the Biden administration is to raise taxes on the American people.\u2019\u201d <\/p>\n\n\n\n

Kudlow<\/a>: \u201cI think you need to make the Trump tax cuts permanent, Vivek, or even build on them, cause you\u2019ve got very important incentives in there.\u201d <\/p>\n\n\n\n

Ramaswamy<\/strong>: \u201cI\u2019d go a little further, Larry, than that to be honest with you. I favor a 12% flat tax across the board.\u201d<\/p>\n\n\n\n

Scott<\/a>: \u201cYou think about our economic realities, as I said on the stage today, that 2017 tax reform bill\u2014I was one of the four key authors of that bill. I\u2019m excited about continuing to extend and making permanent those tax cuts.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cChristie<\/strong> said he would extend the Trump tax cuts if elected and would keep a cap on state and local tax deductions, known as the SALT cap, which mainly affects residents of high tax states, although he said he might have made it more generous.\u201d<\/p>\n\n\n\n

Hutchinson<\/a>: \u201c\u200b\u200bPresident Trump’s #SOTU speech was good news for Arkansas as conservative policy changes in D.C. have led to tax cuts.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cHurd<\/strong> voted for the 2017 tax cuts, saying they would put \u2018more money in the pockets of hard-working Americans.\u2019\u201d <\/p>\n<\/blockquote>\n\n\n\n

It goes beyond Trump\u2019s tax scam. Many 2024 candidates have decadeslong records of supporting tax giveaways for the ultra-wealthy and large corporations. <\/strong><\/p>\n\n\n\n

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Seeking Rents<\/a>: \u201cGov. Ron DeSantis<\/strong>\u2019 administration has begun sending out more than $600 million to Florida\u2019s biggest and most profitable corporations. The Florida Department of Revenue said Thursday that the agency has begun distributing what will ultimately total nearly $625 million in corporate tax refunds \u2013 thanks to legislation DeSantis signed in 2019 (HB 7127).\u201d <\/p>\n\n\n\n

Augusta Chronicle<\/a>: \u201cGov. Nikki Haley<\/strong> insists that South Carolina\u2019s corporate income tax must be eliminated to lure jobs to the state. But the state\u2019s 5 percent tax rate on corporations is already lower than the corporate taxes of its Southeastern neighbors and among the lowest in the nation. Asked why eliminating it would help attract jobs, Haley said the state recently lost a company to Florida, which she said doesn\u2019t have the tax. Actually, Florida\u2019s corporate tax rate, at 5.5 percent, is higher than South Carolina\u2019s. What Florida lacks is a personal income tax.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cA New Jersey millionaire\u2019s tax boost that Republican Governor Chris Christie<\/strong> vetoed five times will be Democrats\u2019 top priority with their party newly in control of the executive branch, said the highest-ranking state lawmaker. Governor-elect Phil Murphy, the Goldman Sachs Group Inc. multimillionaire who defeated Christie\u2019s lieutenant, Kim Guadagno, on Tuesday has vowed to enact the increase. With that revenue, plus higher corporate taxes and fees from plans to legalize marijuana sales, the strapped state budget will gain $1.3 billion, Murphy has said.”<\/p>\n\n\n\n

“The top 1 percent of earners\u2014about 17,000 residents\u2014provide about 40 percent of the state\u2019s income-tax revenue, according to the New Jersey taxation division. The provision vetoed by Christie would have increased the tax rate on income above $1 million from 8.97 percent to 10.75 percent. That would raise as much as $615 million in annual revenue, according to the state office of legislative services.\u201d<\/p>\n\n\n\n

Arkansas Times<\/a>: \u201cUpdated state income tax figures illustrate further how Gov. Asa Hutchinson\u2019s<\/strong> preferred income tax cut plan would favor the rich. The state last week said a plan preferred by Hutchinson to streamline tax tables, change marginal rates with a reduction of 14 percent on the tax rate in the highest marginal rate and increase standard deductions shook out this way in an overall reduction of $192 million.* The poorest taxpayers, comprising 38 percent of all taxpayers, would get ZERO in the way of tax cuts. They\u2019d actually see increased tax rates, allegedly to be offset by standard deduction increases.\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cIndiana Republican Rep. Mike Pence<\/strong> would scrap the current tax system and replace it with a flat tax for all citizens. \u2018The best option, the most pro-growth option is a flat tax. I believe it is time that America adopted a flat tax and scrapped the current system once and for all,\u2019 he said Monday in at the Detroit Economic Club. \u2018It\u2019s fair, it\u2019s simple, it\u2019s effective. It\u2019s an idea whose time has come,\u2019 he said. \u2026 Under a flat tax, all Americans would pay the same percentage of their income in taxes.\u201d<\/p>\n\n\n\n

KRTV<\/a>: \u201cThe entrepreneur made his fortune in the biotechnology industry, founding Roivant Sciences in 2014. The company, which encompassed Axovant, then the highest biotech IPO of its time, is incorporated in Bermuda. \u2018The U.S. tax code is so darn broken that that\u2019s what you ultimately have to do to be able to maximize value for shareholders,\u2019 Ramaswamy<\/strong> said. \u2018What I would prioritize as U.S. president is making sure we have a rational tax code in this country, a 12% flat tax across the board,\u2019 he added when asked if, as president, he would work to prevent companies from going overseas because of taxes.\u201d<\/p>\n\n\n\n

NPR<\/a>: \u201cKELLY: Glad to have you with us. Do you think there is a real shot at overhauling the tax code?<\/p>\n\n\n\n

HURD<\/strong>: Absolutely. I think there is. And I think being able to ensure that Americans have – keep more money in their pocket and not send it to Washington, D.C., is something that we can accomplish. And there\u2019s broad support for these principles and concept of, you know, of closing some loopholes, lowering the tax rates for individuals and corporation. There is – there\u2019s broad support across the Republican conference, and there\u2019s also bipartisan support on many pieces of tax reform. You know, there\u2019s legislation that has passed the House before on this topic.\u201d<\/p>\n<\/blockquote>\n\n\n\n

2024 MAGA Republicans don\u2019t care that millions of hardworking Americans and seniors rely on Social Security and Medicare, and many are campaigning to end these programs as we know them. <\/strong><\/p>\n\n\n\n

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Washington Post<\/a>: \u201cHis avowed stance, however, is at odds with Trump\u2019s<\/strong> own record as president: Each of his White House budget proposals included cuts to Social Security and Medicare programs.\u201d<\/p>\n\n\n\n

CNN<\/a>: \u201cA CNN KFile review of comments from DeSantis\u2019<\/strong> 2012 congressional campaign found he repeatedly said he supported plans to replace Medicare with a system in which the government paid for partial costs of private plans or a traditional Medicare plan. In one interview with a local newspaper, DeSantis said he supported \u2018the same thing\u2019 for Social Security, citing the need for \u2018market forces\u2019 to restructure the program.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cRepublican presidential candidate Nikki Haley<\/strong> is proposing changes to entitlement programs for younger generations, opening the door to potential cuts to Social Security and Medicare if elected.\u201d<\/p>\n\n\n\n

Hutchinson<\/a>: \u201cAlso, we\u2019re going to address the issue of Social Security and Medicare in those first 20 days. We\u2019re going to, as you know, it\u2019s \u2014 it\u2019s phased in to go into real trouble in 2033, and I\u2019m going to set up a commission that\u2019s going to look at the future of Medicare and Social Security, just as Ronald Reagan did in 1983.\u201d<\/p>\n\n\n\n

Semafor<\/a>: \u201cMike Pence<\/strong> isn\u2019t running from his old fiscal conservatism. Instead, he\u2019s seemingly leaning into it by talking about privatizing Social Security, an idea the party largely abandoned after a politically damaging push in 2005. \u2018I think the day could come where we can replace the New Deal with a Better Deal,\u2019 he said during an interview in February. \u2018Literally give younger Americans the ability to take a portion of their Social Security withholdings and put that into a private savings account that the government would oversee.\u2019\u201d<\/p>\n\n\n\n

Sexton<\/a>: \u201cThank you, Vivek.  When it comes to that safety net of Social Security, would privatization or partial privatization be on the table for your administration?\u201d<\/p>\n\n\n\n

Ramaswamy<\/strong>: \u201cI think in principle, in the long run, that\u2019s a reasonable conversation to have.\u201d<\/p>\n\n\n\n

Los Angeles Times<\/a>: \u201cNew Jersey Gov. Chris Christie<\/strong>, saying that the \u2018American people have the appetite for hard truths,\u2019 called Tuesday for cutting Social Security benefits and raising Medicare premiums for future upper-income retirees and raising the retirement age.\u201d<\/p>\n\n\n\n

Hurd<\/a>: \u201cYou\u2019ve got to have a serious question about programs like Medicare and Social Security. And not be afraid to talk about that.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Republican presidential hopefuls have long, shameful records of railing against policies that support America\u2019s hardworking middle-class families. <\/strong><\/p>\n\n\n\n

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Washington Post<\/a>: \u201cAmong the ideas they discussed was Trump\u2019s<\/strong> plan to enact a \u2018universal baseline tariff\u2019 on virtually all imports to the United States, the people said. This idea, which Trump has taken to describing as creating a \u2018ring around the U.S. economy,\u2019 could represent a massive escalation of global economic chaos, surpassing the international trade discord that marked much of his first administration.\u201d<\/p>\n\n\n\n

Trump<\/a>: \u201cDemocrats in Congress should strongly VOTE AGAINST THE BIGGEST GREEN NEW FAKE DEAL BILL IN HISTORY, which is about to be rammed down the throats of Americans. Those Dems voting against this massive tax hike will be legends – actually be able to win again. Should be called the Inflation Expansion Act. Adds 87,000 gun carrying IRS Agents to cajole and harass you and your family. Call your Democrat Congressmen & women – tell them NOT to vote for this killer. Republicans are 100% against!\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump<\/strong> administration asks court to completely invalidate Obama\u2019s Affordable Care Act\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cThe Inflation Reduction Act makes Florida eligible for some $350 million in energy efficiency incentives. But Gov. Ron DeSantis<\/strong> has rejected the funding and other measures, creating the most prominent blockade by any Republican governor against Biden\u2019s economic agenda.\u201d<\/p>\n\n\n\n

WUSF<\/a>: \u201cFlorida is one of 12 states that has not expanded its Medicaid eligibility under the Affordable Care Act. Because of this, signing up for health care in Florida can be a challenge. But, Ray says, it\u2019s something that needs to be done \u2013 especially for Floridians below the federal poverty level. \u2026 Gov. Ron DeSantis<\/strong> and state Republican leaders have long rejected expanding eligibility for Medicaid, pointing in part to concerns about potential future costs.\u201d<\/p>\n\n\n\n

Fox News<\/a>: \u201cGOP presidential candidate Nikki Haley<\/strong> plans on cutting down President Biden\u2019s \u2018disastrous\u2019 energy policies as well as bringing oil production back to the United States, if she is elected to the Oval Office in 2024. Haley, who previously served as the governor of South Carolina, shared her energy plan with Fox News Digital ahead of her formal announcement in Texas on Thursday\u201d <\/p>\n\n\n\n

\u201cThe GOP candidate also slammed Biden\u2019s green energy policies, saying she would \u2018roll back Biden\u2019s wasteful green energy subsidies and regulations.\u2019 Haley specified that a number of subsidies in the Inflation Reduction Act could cost as much as $1.2 trillion along with a number of \u2018Biden administration rules and regulations that would hamstring our oil and gas industries,\u2019 citing Biden\u2019s power plant regulations and his crackdown on gas-powered cars.\u201d<\/p>\n\n\n\n

Haley<\/a>: \u201cOur taxpayers and small businesses are already squeezed, and now we\u2019re on the hook for billions of dollars thanks to President Obama\u2019s spending and health care disasters. The last thing we can afford is a governor who supports ObamaCare. As governor, I plan to organize a group of governors from around the country to fight for our states\u2019 rights and propose free-market solutions to health care and budget crises.\u201d<\/p>\n\n\n\n

CNBC<\/a>: \u201cThe Senate on Tuesday voted by the narrowest margin to move forward with its Obamacare repeal push, a significant step for Republicans that still leaves senators searching for an agreement on how best to follow through on a campaign promise that has defined most of the last decade. Vice President Mike Pence<\/strong> was forced to break a tie as the Senate voted 51-50 to start debate on proposals to change the landmark health-care law.\u201d <\/p>\n\n\n\n

New York Times<\/a>: \u201cMr. Pence<\/strong> railed against the Biden administration\u2019s landmark legislation to allow Medicare to negotiate prescription drug prices \u2014 the same policy Mr. Trump endorsed, though failed to achieve.\u201d<\/p>\n\n\n\n

Bartiromo<\/a>: \u201cFirst thing I want to ask you is about this debt ceiling vote. You said you would not vote for it.\u201d <\/p>\n\n\n\n

Ramaswamy<\/strong>: \u201cThat’s right. I think that the steps are too incrementally forward. We still have a spending crisis in this country. The point of these negotiations should be to actually address the fiscal crisis, not to window dress around it. You want to take the funding for the IRS, moving it from $80 billion to $70 billion while still leaving the hit squad intact. That doesn’t really change anything. Work requirements for Medicaid recipients, the Inflation Reductions Act’s pork fest for clean energy tax credits, none of that’s really changed.\u201d<\/p>\n\n\n\n

Scott<\/a>: \u201cThe third thing I would do is I would simply eliminate the IRA, the Inflation Reduction Act, which of course, is a lie from the pit of hell. It increases inflation. It does not reduce inflation. It also increases taxes. I would start the process of gutting that legislation. I would eliminate the vast majority, if not all of the green energy credits. I would eliminate every single one that I could from an executive perspective. But I would also engage Congress to reverse that legislation.\u201d<\/p>\n\n\n\n

Scott<\/a>: \u201cI have and will consistently oppose Obamacare in my efforts to relieve the American people of the burden this bad law has imposed\u2014for our families, our small businesses, our seniors, and our communities.\u201d <\/p>\n\n\n\n

Christie<\/a>: \u201cThe Inflation Reduction Act was a mistake.\u201d<\/p>\n\n\n\n

NJ.com<\/a>: \u201cThe Christie<\/strong> administration allowed a $7.6 million federal grant, to be used to encourage New Jerseyans to enroll for health insurance under the Affordable Care Act, to expire. That’s an expensive mistake. \u2026 But it hurts New Jersey residents who would benefit from the health care subsidies provided under the federal law, as well. The money was there to be had: Christie was irresponsible not to grab it.\u201d<\/p>\n\n\n\n

Hurd<\/a>: \u201cWith 60% of Americans living paycheck to paycheck, this hardly feels like building back better or restoring the soul of our nation. Most folks don\u2019t even know what the Inflation Reduction Act is, because it\u2019s done nothing for them.\u201d<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

As President Biden focuses on his economic vision to deliver relief for hardworking Americans by growing the economy from the bottom up and middle out, investing in America, empowering workers, and lowering costs for families, Republicans running for the highest office in the country are campaigning on a MAGAnomics platform of lining the pockets of […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1025739","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nRepublicans\u2019 MAGAnomics Puts Ultra-Wealthy Over Working Families - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/republicans-maganomics-puts-ultra-wealthy-over-working-families\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T19:29:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T16:50:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/republicans-maganomics-puts-ultra-wealthy-over-working-families\/\",\"url\":\"https:\/\/democrats.org\/news\/republicans-maganomics-puts-ultra-wealthy-over-working-families\/\",\"name\":\"Republicans\u2019 MAGAnomics Puts Ultra-Wealthy Over Working Families - 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