{"id":1029009,"date":"2023-12-22T16:55:26","date_gmt":"2023-12-22T16:55:26","guid":{"rendered":"https:\/\/democrats.org\/?p=1029009"},"modified":"2024-05-16T18:06:59","modified_gmt":"2024-05-16T18:06:59","slug":"six-years-ago-today-trump-signed-into-law-tax-giveaways-for-his-ultra-rich-friends-and-big-corporations","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/six-years-ago-today-trump-signed-into-law-tax-giveaways-for-his-ultra-rich-friends-and-big-corporations\/","title":{"rendered":"Six Years Ago Today, Trump Signed Into Law Tax Giveaways for His Ultra-Rich Friends and Big Corporations"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

DNC National Press Secretary Sarafina Chitika released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cSix years ago today, Donald Trump signed his extreme MAGA tax scam into law, marking the first time in American history that billionaires would pay less than our country\u2019s hardworking middle class. Trump\u2019s tax scam incentivized corporations to ship jobs overseas and forced middle-class taxpayers to foot the bill for an over $1 trillion deficit, and hardworking families suffered while billionaires profited at their expense. As president, Trump made it clear that he works for Wall Street, not Main Street, and he\u2019s already promised to go even further in his tax cuts for the wealthy in a second term \u2014 an agenda the American people literally can\u2019t afford.\u201d<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

In a second term, Trump has promised to go <\/strong>even further <\/em><\/strong>to cut taxes for his ultra-wealthy friends and big corporations. <\/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

Trump\u2019s extreme MAGA tax scam sent the deficit skyrocketing to historic highs. <\/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

Trump\u2019s MAGAnomics tax scam created incentives for companies to ship jobs overseas \u2014 delivering a huge blow to American workers. <\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cHow offshoring rolled along under Trump, who vowed to stop it\u201d<\/p>\n\n\n\n

\u201cDonald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn\u2019t stop them.\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201c’He pulled the wool over our eyes’: workers blame Trump for moving jobs overseas\u201d<\/p>\n\n\n\n

\u201cPromises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump\u2019s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump promised \u2018America First\u2019 would keep jobs here. But the tax plan might push them overseas.\u201d<\/p>\n\n\n\n

ITEP<\/a>: \u201cThe Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore.\u201d<\/p>\n\n\n\n

Let\u2019s be clear: Trump\u2019s tax cuts benefited the wealthiest Americans while the middle class suffered. <\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201cThey were billed as a \u2018middle-class miracle\u2019 but according to a new book Donald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/p>\n\n\n\n

ProPublica<\/a>: \u201cIn the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.\u201d<\/p>\n\n\n\n

No matter who wins the messy GOP primary, all of the 2024 Republicans are campaigning on extending Trump\u2019s extreme MAGA tax scam if they come to power. <\/strong><\/p>\n\n\n\n

Trump<\/strong><\/a>: \u201cI will never let the Trump tax cuts \u2026 I will never let them be taken away.\u201d<\/p>\n\n\n\n

Trump<\/strong><\/a>: \u201cYou\u2019re all people that have a lot of money \u2026 You\u2019re rich as hell. We\u2019re gonna give you tax cuts.\u201d<\/p>\n\n\n\n

Trump<\/strong><\/a>: \u201cWe will replace Biden\u2019s tax hikes with the beautiful Trump tax cuts. You know, we have to extend the tax cuts.\u201d<\/p>\n\n\n\n

Trump<\/strong><\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I do even more taxes.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe former president\u2019s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law <\/strong>\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. Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201c[Trump<\/strong>] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.\u201d<\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump <\/strong>Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report\u201d<\/p>\n\n\n\n

Haley<\/strong><\/a>: \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

DeSantis<\/strong><\/a> on whether he\u2019d keep Trump\u2019s tax rates in place: \u201cThe current rates that are due to expire, we want to keep those rates in place.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cDeSantis<\/strong> voted in the US House in favor of the 2017 Trump tax cuts. He has proposed extending the lower individual tax rates before they expire in 2025.\u201d<\/p>\n\n\n\n

Ramaswamy<\/strong><\/a> on a suggestion to make permanent or expand the Trump tax cuts: \u201cI\u2019d go a little further, Larry, than that, to be honest with you.\u201d<\/p>\n\n\n\n

Christie<\/strong><\/a>: \u201cFirst of all, we need to extend the Trump tax cuts. I think those need to be extended.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cChristie<\/strong> said he would extend the Trump tax cuts if elected.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

DNC National Press Secretary Sarafina Chitika released the following statement:  \u201cSix years ago today, Donald Trump signed his extreme MAGA tax scam into law, marking the first time in American history that billionaires would pay less than our country\u2019s hardworking middle class. Trump\u2019s tax scam incentivized corporations to ship jobs overseas and forced middle-class taxpayers […]<\/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-1029009","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nSix Years Ago Today, Trump Signed Into Law Tax Giveaways for His Ultra-Rich Friends and Big Corporations - 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\/six-years-ago-today-trump-signed-into-law-tax-giveaways-for-his-ultra-rich-friends-and-big-corporations\/\" \/>\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=\"2023-12-22T16:55:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T18:06:59+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=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/six-years-ago-today-trump-signed-into-law-tax-giveaways-for-his-ultra-rich-friends-and-big-corporations\/\",\"url\":\"https:\/\/democrats.org\/news\/six-years-ago-today-trump-signed-into-law-tax-giveaways-for-his-ultra-rich-friends-and-big-corporations\/\",\"name\":\"Six Years Ago Today, Trump Signed Into Law Tax Giveaways for His Ultra-Rich Friends and Big Corporations - 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