Trump swears allegiance to corporate America
Trump campaigned on a promise to lower costs for Americans.
But so far, the GOP hasn’t proposed a single plan to do that. Instead,
Republicans are laser-focused on passing another round of massive tax breaks
for the ultra-wealthy and corporations.
It’s shaping up to be 2017 all over again.
Trump made a lot of promises on the campaign trail in 2016
too — and quickly broke most of them. But he did fulfill
one: His 2017 Tax Cuts and Jobs Act, his only signature legislative
accomplishment, was a field day for the oligarchs and CEOs who helped elect
him.
That law delivered a tax cut for the richest 0.1 percent of
Americans that was 277 times larger than the one teachers
and firefighters got, nearly doubling billionaire wealth in this
country and spiking inequality.
Meanwhile, corporations got a 40 percent discount on their taxes,
which they used to send record stock buybacks to their wealthy
shareholders and pad their profits while they overcharged consumers on everything
from gas to groceries.
The bill never delivered the wage gains or economic growth
Trump promised. But it did add $1.9 trillion to the deficit.
Key provisions of this tax scam expire next year. That would
be welcome news for the vast majority of Americans, who are sick and tired of
tax cuts for the wealthy. But Trump and his Republican colleagues are readying
a supersized set of high-end tax breaks that would make his 2017 legislation
look like child’s play.
Republicans plan to give the richest Americans a fresh round of individual tax breaks, slash the corporate tax rate yet again, and cut taxes on capital gains and dividends, which would let their Wall Street friends keep even more of their winnings when they sell a stock or are showered with dividends.
Then they’ll move to step two: draconian budget cuts for the
programs Americans rely on.
GOP leaders will point to falling revenues from their own
tax cuts as evidence for the need to cut spending on life-saving programs that
families rely on, like Medicaid and the Supplemental Nutrition Assistance Program (SNAP),
which helps more than 42 million families afford their groceries.
In fact, Trump is putting unelected and unaccountable
billionaires — Elon Musk and Vivek Ramaswamy — in charge of the “Department of Government Efficiency” (DOGE)
to decide the painful cuts we’ll have to face. And surprise, surprise:
They’re almost exclusively targeting programs that
help working people, veterans, students, families, and other non-billionaires.
If Trump and the GOP get their way, we know exactly what to
expect: income inequality will worsen, crucial government programs will
be starved, and corporations and the
ultra-wealthy will amass even more outsized power over our economy and
democracy.
But we can learn something else from our experience in 2017.
Democrats united in their opposition to Trump’s tax cuts for the wealthy,
pushing Trump’s approval rating to the lowest point in
his presidency and ousting supporters of his corporate tax cuts in the next
year’s midterms.
Tax giveaways for the wealthy and corporations were deeply unpopular with voters in 2018 —
and that’s only intensified after this recent wave of
corporate price gouging that has squeezed American families. Lawmakers must
make it as difficult as possible to enact this next tax giveaway.
This year, we need to make sure every single member of
Congress understands that supporting Trump’s tax plans means turning their
backs on working Americans.
Lindsay Owens is the Executive Director
of Groundwork Action. This op-ed was distributed by OtherWords.org.
