{"id":1034046,"date":"2024-05-29T21:31:49","date_gmt":"2024-05-29T21:31:49","guid":{"rendered":"https:\/\/democrats.org\/?p=1034046"},"modified":"2024-05-29T21:31:49","modified_gmt":"2024-05-29T21:31:49","slug":"trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/","title":{"rendered":"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

As Donald Trump\u2019s VP contenders support MAGA Republicans\u2019 <\/em>efforts<\/em><\/a> to double down on Trump\u2019s failed MAGAnomics tax scam, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump and MAGA Republicans are pushing to once again rig the economy for the ultra-wealthy and big corporations, and Trump\u2019s VP contenders are all shamelessly lining up to support his failed MAGAnomics agenda that puts hardworking Americans last. Trump\u2019s potential running mates have rushed to praise his disastrous and unpopular tax scam that allowed billionaires to pay less in taxes than the middle class for the first time ever, created new incentives for companies to ship jobs overseas, and caused the deficit to skyrocket. It\u2019s a losing playbook that hardworking families cannot afford, and they\u2019ll reject it again this November.\u201d<\/p>\n\n\n\n

NEW: Donald Trump\u2019s MAGA allies are planning to fast-track an extension of Trump\u2019s disastrous tax scam that rigged the economy for the ultra-wealthy while leaving the middle class behind.<\/strong><\/p>\n\n\n\n

The Hill<\/a>: \u201cRepublicans are getting ready to fast-track the extension of the Trump tax cuts<\/strong> through the reconciliation process if they win big in November. Nearly seven years after the GOP used budget reconciliation to pass the Tax Cuts and Jobs Act (TCJA), the party is gearing up to use the same maneuver to renew key provisions set to expire in 2026\u2026<\/p>\n\n\n\n

\u201c[Trump\u2019s tax cuts] did not add substantially to economic growth.<\/strong> The Congressional Budget Office (CBO) estimated gross domestic product (GDP) expansion due to the law of 0.3 percent in 2018 and 0.6 percent in 2019 before the economic policies of the pandemic made its continued effects too difficult to measure accurately.<\/p>\n\n\n\n

\u201cThe law also did not affect compensation levels for regular people<\/strong>\u2026 The CBO projected this month that extending the law through 2034 would cost $4.6 trillion, a substantial increase to the deficit<\/strong> after it already ballooned to new highs at more than 120 percent of GDP in the aftermath of the pandemic.\u201d<\/p>\n\n\n\n

Trump\u2019s VP contenders have praised his MAGAnomics tax scam and supported Trump\u2019s push to make it permanent.<\/strong><\/p>\n\n\n\n

Tim Scott<\/strong><\/a>: \u201cWe make the Tax Cuts and Jobs Act tax cuts permanent.\u201d<\/p>\n\n\n\n

Doug Burgum<\/strong><\/a>: \u201cI believe in these economic policies, I believe the tax bill is a great thing.\u201d<\/p>\n\n\n\n

Marco Rubio<\/strong><\/a>: \u201cOverall, the Republican tax-cut bill has been good for Americans. That is why I voted for it.\u201d<\/p>\n\n\n\n

Tom Cotton<\/strong><\/a>: \u201cTrump’s tax cuts helped deliver the strongest economy in recent history.\u201d<\/p>\n\n\n\n

CNBC<\/a>: \u201cBen Carson<\/strong> leads prayer for tax cuts at Trump Cabinet meeting\u201d<\/p>\n\n\n\n

KOTA<\/a>: \u201cRepublicans are calling President Trump\u2019s tax plan the biggest tax overhaul in history. \u2026 Representative Kris[ti] Noem<\/strong> was a big part in pushing this bill.\u201d<\/p>\n\n\n\n

Fox Business<\/a>: \u201cTrump\u2019s tax policies have worked out for all of America: Rep. Byron Donalds<\/strong>\u201d<\/p>\n\n\n\n

Vivek 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

Alabama Political Reporter<\/a>: \u201cKatie Britt<\/strong> on Monday released a memo with her policy positions \u2026 [including] a bill to make permanent the individual tax cuts and extend the expanded standard deduction contained in President Trump\u2019s 2017 Tax Cuts and Jobs Act. \u2026 a pro-growth tax reform bill reducing business tax rates, repealing the Death Tax, and making the expensing of capital assets permanent. \u2026 a bill to repeal the state and local tax deduction.\u201d<\/p>\n\n\n\n

Wesley Hunt<\/strong><\/a>: \u201cI supported the 2017 Tax Reform bill.\u201d<\/p>\n\n\n\n

Trump is doubling down on his failed MAGAnomics agenda that puts billionaires and big corporations ahead of hardworking Americans.<\/strong><\/p>\n\n\n\n

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

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

Trump<\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I\u2019d do even more taxes.\u201d<\/p>\n\n\n\n

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

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term\u201d<\/strong><\/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>: \u201cThe conservative Republican Study Committee is out with a 2025 budget proposal to extend individual and corporate breaks from the 2017 Trump\u2019 tax law.\u201d<\/strong><\/p>\n\n\n\n

REMINDER: Trump\u2019s tax scam gave massive handouts to the ultra-wealthy at the expense of working families and created new incentives for companies to ship jobs overseas.<\/strong><\/p>\n\n\n\n

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

Washington Post<\/a>: \u201cFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/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<\/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.<\/strong> 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\u2026<\/p>\n\n\n\n

\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

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

Trump owns the worst jobs record in modern American history.<\/strong><\/p>\n\n\n\n

Fortune<\/a>: \u201cTrump to leave office with the worst jobs record since Herbert Hoover\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cTrump\u2019s Jobs Record Fell Short of Promises Even Before the Virus\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

As Donald Trump\u2019s VP contenders support MAGA Republicans\u2019 efforts to double down on Trump\u2019s failed MAGAnomics tax scam, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cDonald Trump and MAGA Republicans are pushing to once again rig the economy for the ultra-wealthy and big corporations, and Trump\u2019s VP contenders are all shamelessly lining […]<\/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-1034046","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy - 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\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/\" \/>\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=\"2024-05-29T21:31:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/maga-veepstakes.png\" \/>\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\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/\",\"name\":\"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy - Democrats\",\"isPartOf\":{\"@id\":\"https:\/\/democrats.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/maga-veepstakes.png\",\"datePublished\":\"2024-05-29T21:31:49+00:00\",\"author\":{\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\"},\"breadcrumb\":{\"@id\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/democrats.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/democrats.org\/#website\",\"url\":\"https:\/\/democrats.org\/\",\"name\":\"Democrats\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/democrats.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\",\"name\":\"Claire DePree\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"caption\":\"Claire DePree\"},\"url\":\"https:\/\/democrats.org\/news\/author\/depreec\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy - Democrats","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/","og_locale":"en_US","og_type":"article","og_site_name":"Democrats","article_published_time":"2024-05-29T21:31:49+00:00","og_image":[{"url":"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/maga-veepstakes.png","type":"","width":"","height":""}],"author":"Claire DePree","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Claire DePree","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/","url":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/","name":"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy - Democrats","isPartOf":{"@id":"https:\/\/democrats.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage"},"image":{"@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage"},"thumbnailUrl":"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/maga-veepstakes.png","datePublished":"2024-05-29T21:31:49+00:00","author":{"@id":"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564"},"breadcrumb":{"@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/democrats.org\/news\/trumps-maga-veepstakes-vp-contenders-support-trumps-maganomics-tax-scam-to-rig-the-economy-for-the-ultra-wealthy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/democrats.org\/"},{"@type":"ListItem","position":2,"name":"Trump\u2019s MAGA Veepstakes: VP Contenders Support Trump\u2019s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy"}]},{"@type":"WebSite","@id":"https:\/\/democrats.org\/#website","url":"https:\/\/democrats.org\/","name":"Democrats","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/democrats.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564","name":"Claire DePree","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/democrats.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g","caption":"Claire DePree"},"url":"https:\/\/democrats.org\/news\/author\/depreec\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1034046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/users\/263"}],"replies":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/comments?post=1034046"}],"version-history":[{"count":1,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1034046\/revisions"}],"predecessor-version":[{"id":1034050,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1034046\/revisions\/1034050"}],"wp:attachment":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/media?parent=1034046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/categories?post=1034046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/tags?post=1034046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}