President Trump is expected to unveil a plan on Wednesday to rob the poor & give to the rich. Democrat Lisa McCormick released this statement:
President Trump is expected to unveil a new tax plan on Wednesday proposing to slash the top corporate rate from 35% to 15%, possibly coupled with a repeal of the corporate Alternative Minimum Tax or an even lower rate to reward corporate tax dodgers who stashed money in overseas tax havens instead of paying their fair share in taxes.
Even congressional Republicans who are eager to cut corporate taxes do not want to add to the country’s almost $20 trillion debt. A 15% corporate rate could drive up deficits by a lot.
The Tax Policy Center estimated that Trump’s 15% proposal could reduce revenue by $2.4 trillion to nearly $4 trillion in the first decade, depending on whether Trump extends the 15% rate to so-called pass-through businesses, which include everything from small mom-and-pop shops on Main Street to giant law firms and hedge fund investment partnerships that pay a top rate of 39.6% today.
Trump is also talking about increasing military spending by $54 billion a year and building a border wall, so we are looking at more debt, severe program cuts and higher taxes on middle class workers and every combination of those three hurts America. These are reckless actions that will hurt the economy.
Corporate income taxes make up about 11 percent of federal revenue, compared to 39.8 percent in 1943, and 32.1 percent in 1952.
Capitalism is an economic system that creates winners and losers, but most of the world’s population are losers. Right now, fewer than ten men own more wealth than the 360 billion poorest people who comprise half of the world’s population. Corporate income taxes are too low and cutting them will make more working families losers, so it is the opposite of making America great.
Trump does not care about real Americans, or any human beings outside his family or field of vision. Donald Trump is a tone-deaf billionaire who does not care about the people who have been robbed & cheated by a political & economic system rigged to make you lose. It is time for us to start fighting back.