{"id":1029002,"date":"2023-12-21T15:14:06","date_gmt":"2023-12-21T15:14:06","guid":{"rendered":"https:\/\/democrats.org\/?p=1029002"},"modified":"2024-05-16T18:08:04","modified_gmt":"2024-05-16T18:08:04","slug":"reminder-donald-trumps-failed-tax-scam-blew-up-the-deficit","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/reminder-donald-trumps-failed-tax-scam-blew-up-the-deficit\/","title":{"rendered":"REMINDER: Donald Trump\u2019s Failed Tax Scam Blew Up the Deficit"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Ahead of the anniversary of Donald Trump\u2019s MAGAnomics tax giveaways for the ultra-wealthy, which he signed into law six years ago tomorrow, <\/em>DNC National Press Secretary Sarafina Chitika released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cBecause of Donald Trump\u2019s failed tax scam, middle-class Americans were forced to foot the $1.9 trillion bill while the richest Americans and greedy corporations got a massive tax break \u2014 all while Trump\u2019s reckless fiscal policy exploded the deficit to historic highs. Trump is so committed to enriching his wealthy friends and rigging our economy for giant corporations that he\u2019s already promised to extend <\/em>his extreme MAGA tax scam for the ultra-wealthy and big corporations in a second term. While President Biden is helping to bring back jobs and grow our economy, Trump\u2019s failed, trickle-down tax scam would rack up our national debt and force the middle class to pay the price \u2013 a losing agenda voters will reject once more next November.\u201d <\/p>\n\n\n\n

Donald Trump wants to <\/strong>double down <\/em><\/strong>on his extreme MAGA tax scam for big corporations and the ultra-wealthy in a second term, which could once again skyrocket the deficit and saddle taxpayers with billions in debt. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump 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.\u201d<\/p>\n\n\n\n

Committee for a Responsible Federal Budget<\/a>: \u201cCBO Estimates TCJA Extensions Could Cost Up to $2.7 Trillion\u201d<\/p>\n\n\n\n

Let\u2019s not forget that under Trump\u2019s leadership, the United States saw one of the largest increases in the national debt in the history of our country. <\/strong><\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cOne of President Donald Trump\u2019s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he\u2019s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump\u2019s time in office.\u201d<\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cThe growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cThe nation\u2019s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump\u2019s first term, Congress\u2019 nonpartisan budget scorekeeper projected Tuesday.\u201d<\/p>\n\n\n\n

And Trump\u2019s extreme MAGAnomics agenda that gifted tax giveaways for big corporations and the ultra-wealthy ballooned the deficit well before the pandemic had a chance to impact it. <\/strong><\/p>\n\n\n\n

ProPublica<\/a>: \u201cFederal finances under Trump had become dire even before the pandemic. That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration\u2019s own description, the pre-pandemic national debt level was already a \u2018crisis\u2019 and a \u2018grave threat.\u2019<\/p>\n\n\n\n

\u201cThe combination of Trump\u2019s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Ahead of the anniversary of Donald Trump\u2019s MAGAnomics tax giveaways for the ultra-wealthy, which he signed into law six years ago tomorrow, DNC National Press Secretary Sarafina Chitika released the following statement:  \u201cBecause of Donald Trump\u2019s failed tax scam, middle-class Americans were forced to foot the $1.9 trillion bill while the richest Americans and greedy […]<\/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-1029002","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nREMINDER: Donald Trump\u2019s Failed Tax Scam Blew Up the Deficit - 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\/reminder-donald-trumps-failed-tax-scam-blew-up-the-deficit\/\" \/>\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=\"2023-12-21T15:14:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T18:08:04+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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/reminder-donald-trumps-failed-tax-scam-blew-up-the-deficit\/\",\"url\":\"https:\/\/democrats.org\/news\/reminder-donald-trumps-failed-tax-scam-blew-up-the-deficit\/\",\"name\":\"REMINDER: Donald Trump\u2019s Failed Tax Scam Blew Up the Deficit - 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