There are many issues at stake in this election year, but one that has received less attention is that of former President Donald Trump. 2017 The Tax Cuts and Jobs Act cuts taxes for the wealthiest Americans and large corporations.
The Tax Cuts and Jobs Act permanently lowered tax rates on large corporations from already low levels. 35 % to ridiculously small twenty one percent. It also lowered tax rates for the wealthiest people from almost zero. 40 percentage of 37 percent.Some provisions of that law are scheduled to expire in 2019. 2025this November's parliamentary and presidential elections are particularly important for issues of economic equity and justice.
A few months after President Trump signed the bill, he boasted: “This was the largest tax cut in history, surpassing the Reagan tax cut. It's bigger than any tax cut. ” became a phrase he often used when promoting his accomplishments. But Trump, who is known for breaking all records by lying to the public during his time as president, comes from a country whose views on taxation have already been developed by the likes of Ronald Reagan and Bill Clinton. He combined various facts to create a positive-sounding falsehood. as an abomination. President Trump's total tax cut was the eighth largest in history. But his corporate tax cut was actually the largest tax cut in its category ever.
For years, wealthy corporations have lobbied for and won numerous carve-outs and loopholes in the U.S. tax system, and have stashed large sums of money in offshore tax havens.2017 The effective tax rate was already much lower than the official tax rate. Trump then lowered it further. Imagine telling Americans that they are specifically responsible for the largest tax cut for corporations in American history. It didn't look good. So he lied and said he had signed the largest overall tax cut in history.
Sign up for our weekend newsletter
A weekly digest of the best coverage
At its simplest, taxes are a way to pool collective resources so that we all have what we need for safety and security. Progressive taxation is when wealthy individuals (and corporations) are taxed at a higher than average rate because the wealthier they are, the less extra money they need beyond basic necessities. Progressive taxation helps prevent wealth inequality from getting out of control and ensures that money that is being siphoned upwards is redistributed downwards. When wealthy elites pay less taxes, they are effectively stealing taxes from the people.
Since the cuts were implemented, many studies have attempted to assess their impact on the US economy. The Center on Budget and Policy Priorities closed in March. 2024 Report “”[t]along with 2001 and 2003 Tax cuts enacted under President Bush (most of which were made permanent in 2016) year 2012), [Trump’s] This law seriously erodes our nation's revenue base. ”
President Trump's legislation accelerated the drain on our collective income to fund what we need. Even the fiscally conservative Peter G. Peterson Foundation concluded that as a result of the Trump Act: “Compared to most other developed countries, the United States receives less revenue from businesses relative to the size of its economy. ”
President Trump's tax cuts were literally regressive and benefited the already wealthy.a 2021 Just one last-minute provision in the so-called pass-through corporation bill requested by Sen. Ron Johnson (R-Wis.) benefited some of the nation's richest people, according to a ProPublica report. It has been found. “just 82 Ultra-wealthy households collectively took home more than $11 An analysis of confidential tax records puts the total savings at $1 billion. ” It’s only about $20 Millions of dollars were paid in bribes to Johnson (i.e., donations to the senator's re-election campaign) to enact this windfall.
It's no surprise that wealthy elites support President Trump's second term. They want an extension of a provision in the tax bill that expires in 2025 and, if possible, an even bigger tax cut.
No wonder the wealthy were excited about Trump's inauguration, and his vicious white supremacy and fascist tendencies were no deal-breakers.
It's no surprise that wealthy elites support President Trump's second term. They want an extension of a provision in the tax bill that expires in 2016. 2025, and if that happens, there could probably be even bigger tax cuts. If these provisions are left to expire, people will not be able to earn more than $100.400,000 Annual — Top 2 percentage of income earners — will see tax increases. 2025.
Considering recent announcements from the IRS, this demographic is already susceptible to tax fraud. 125,000 Americans earning between dollars400,000 and $1 Since 1 million people each year simply refuse to pay their taxes. 2017.
Those cuts would become permanent if Republicans gain control of the House and Senate and Trump defeats President Joe Biden this fall. A landslide Republican victory in November also brings a new wave of threats to people of color, LGBTQ people, especially the transgender community, labor rights and reproductive justice, as well as the already dire Gaza crisis in which Biden is implicated. It would also lead to an escalation to Israeli massacres in the area. Refueling. Incredibly, many Americans seem to have forgotten that fear. 2016 to 2020.
But essentially, this election will be about money. In order to ensure that those with money remain in power, they will need large sums of money to fund the Republican re-election campaign. more Money — Democracy, justice, and fairness should be cursed.
For Trump, this is even more important given his legal issues. He is relying on small donations from his base to cover mounting legal costs and has had to put in $1.91 Posting a bond of 1 million to cover the fines he faces in the defamation suit brought by E. Jean Carroll. The more desperate President Trump becomes to secure the White House, the more willing he and his party will be to sell the country to the highest bidder. And they will lie to the people by confusing tax cuts for the wealthy with tax cuts for everyone.
We should think of tax cuts in terms of theft of public revenue. When the wealthy win tax cuts, they are stealing money from all Americans.Permanently extending Trump tax cuts would result in dollar losses, according to the U.S. Senate Budget Committee3.Five Trillions of dollars in revenue throughout the year 2033. It's highway robbery.
This article was created by: An economy for everyonea project of the Independent Media Institute.
