TAKE ACTION: TELL CONGRESS TO REPEAL TRUMP’S TAX CUTS FOR THE RICH AND CORPORATIONS

All Members of Congress

Donald Trump and the GOP said their $2 trillion in tax cuts would pay for themselves. Instead, they’re ballooning the national debt and using that as an excuse to try and make deep cuts to Social Security, Medicare, Medicaid, the Affordable Care Act, education and more.

In a new chartbook by Americans for Tax Fairness titled “Trump-GOP Tax Cuts Failing Workers and the Economy,” we take a look at eight key promises (ahem, LIES) made by Donald Trump and congressional Republicans that were used to scam the American people and ram their tax breaks through Congress.

In 2017, we were told repeatedly that the giant, unpaid-for tax cuts for the wealthy and corporations would increase jobs, pay for themselves, give every family a big raise and really hurt rich people like Donald Trump. The evidence says otherwise.

REALITY: The richest 1% are getting an average tax cut that’s 75 times more than the average tax cut of the bottom 80%―$50,000 vs. $645.

REALITY: Donald Trump and his family will benefit personally by millions of dollars from five features of the tax scam: lower top income tax rates; the deep corporate tax cuts; a weakened estate tax; a tax break mostly benefiting wealthy business owners like Trump; and real-estate loopholes the tax law opened.

REALITY: Median family income rose just $514 in 2018 and the annual growth rate in workers’ wages has increased just 0.3% since the tax scam became law. Both of these are well below the increases that occurred during President Obama’s last two years in office.

REALITY: Almost half the benefits of this supposed “small” business tax cut are going to the tiny sliver of businesses with over $1 million in annual income. Less than a quarter is going to firms with income of $200,000 or less.

REALITY: Economic growth (GDP) since the tax law was enacted has been in line with the Obama years and hasn’t come close to the 4%, 5% or 6% promised by Trump and the GOP. The Federal Reserve predicts growth of 2.2% for the full year of 2019.

REALITY: The total cost of the tax cuts is estimated at $1.9 trillion, according to the Congressional Budget Office, which will be added to the national debt and is being used by Trump and congressional Republicans to try and make deep cuts to Social Security, Medicare, Medicaid, education and more.

REALITY: Monthly job growth has averaged 195,000 in the two years since the tax cuts were enacted. Job growth in the last two years of the Obama Administration averaged 210,000 a month.

REALITY: Instead of investing in more jobs and higher wages, capital investments are falling into negative territory in 2019. Corporations have used their tax savings for stock buybacks, which primarily benefit executives and other wealthy shareholders. Corporations bought back a record $800 billion-plus of their own shares in 2018, an increase of more than 50% over the $519 billion in stock buybacks in 2017.

December 22nd marks the two year anniversary of Donald Trump signing the tax scam into law. Sign the petition to Congress to repeal the Trump-GOP tax scam and instead implement a fair share tax system that works for everyone, not just the wealthy few.

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To: All Members of Congress
From: [Your Name]

After two years, the evidence is in. Donald Trump’s tax scam has not created more jobs or increased wages at a faster rate compared with President Obama. Instead, it’s exacerbated income and wealth inequality with most of the tax cuts going to the richest 1%. We demand Congress listen to the American people and repeal the tax cuts for the rich and corporations and implement a fair share tax system that creates an economy that works for all of us.