As Trump’s Tax Plan Threatens 401k Benefits, New Poll Shows GOP Tax Scheme Is Already Unpopular With Americans

A new AP-NORC poll shows the majority of Americans believe the tax plan Trump and Congressional Republicans are writing behind closed doors would help corporations and the wealthiest taxpayers over the middle class. The poll was released at the same time that House Ways & Means Chairman Kevin Brady, the top Republican in the House for tax policy, indicated the 401k tax benefits millions of middle class Americans count on may be jeopardized by Trump’s tax plan.

“Just like with the failed Trumpcare bills that would have cost millions their insurance, the American people are seeing through Trump’s lies about the Republican tax plan,” said American Bridge spokesperson Andrew Bates. “Trump’s proposal would sell-out middle class families and American workers as part of the real ‘lovefest’ that’s been going on since Donald Trump took office – between Republicans, their donors, and corporations.”

SHOT:

Washington Post, 10/25/2017: “House Ways and Means Committee Chairman Kevin […]

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Sanders Questions: ‘Liddle Donnie Edition

Senator Bob Corker really hit the nail on the head this morning when he said of President Trump, “the debasement of our nation is what he’ll be most remembered for.” Is it too little, too late? Probably, especially considering the Republican just a few months ago was singing Trump’s praises as he angled for a job in his Cabinet.  But Corker’s honesty is nonetheless welcome at a time when virtually every other Republican in Washington can’t come to grips with the dangers that Trump presents for the country and the world.

As White House Press Secretary Sarah Huckabee Sanders takes the podium today it is important to remember the role that she, and all others in this White House and Congress, play in enabling this debasement of our country, our values, and our standing in the world.

American Bridge Rapid Response Director Emily Aden calls on Sanders to answer the following questions:

1. […]

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Republicans vote with Trump to cut taxes for the rich, slash Medicare 

American Bridge Vice President Shripal Shah released the following statement in reaction to Senate Republicans passing a budget resolution paving the way for Trump’s tax plan:  

“This vote tells you everything you need to know about the appalling priorities of Donald Trump and the Republicans rubber-stamping his anti-middle class agenda: 80% of these tax cuts would got to the wealthiest 1% of earners while raising taxes on a quarter of the American middle class.  On top of that, every Senator who supported this budget voted to pay for this by cutting Medicare by nearly $500 billion and Medicaid by over $1 trillion. Middle class families and American workers deserve people who will stand up for them – not sell them out.”

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WATCH: Gary Cohn applauded by banking lobby for Trump Administration plan to weaken Wall Street reforms 

American Bridge spokesperson Andrew Bates released the following statement after National Economic Council (NEC) Director Gary Cohn told the American Bankers Association – receiving applause – that the Trump Administration was working to diminish financial sector regulations put into place after the 2008 financial crisis: 

“At the very same time that Trump is pushing a tax plan that would give 80% of its benefits to the wealthiest Americans, his top economic adviser is being applauded by the banking lobby for promising to erode post-financial crisis Wall Street reforms.  The middle class and American workers need an advocate in the White House, but instead Donald Trump is trying to further rig the economy in favor of the richest taxpayers and expose the American people to a catastrophic repeat of the 2008 recession.”

WATCH:

American Bankers Association President and CEO Rob Nichols: Kind of a broader picture just about the overall tone […]

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WATCH: Bannon admits Trump is “blowing up” Obamacare exchanges, contradicting Trump tweets from this morning 

American Bridge spokesperson Andrew Bates released the following statement after former White House Chief Strategist Steve Bannon told the Values Voters Summit that Donald Trump was acting to “blow up” the Affordable Care Act (ACA) insurance marketplaces by cutting-off payment of cost-sharing reductions.

“Donald Trump’s former chief strategist just admitted what has been obvious since Trump took office: this administration is actively sabotaging marketplaces in the name of politics. While the administration has tried to mislead the public about their efforts, Steve Bannon just tore their facade apart and told the truth – getting cheers from the Republican base.

“Trump’s executive order will cause economic and medical hardship for countless families across the country, and now Bannon has ensured that everyone knows this was done intentionally, and for partisan reasons. The country is going to hold Republicans accountable.”

This week Trump issued two executive orders that took the administration’s months-long efforts to sabotage […]

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Trump’s Tax Plan Is Robin Hood in Reverse for Pennsylvania Families

Taxes are going up for thousands of Pennsylvania families if Donald Trump’s tax plan becomes law, while over 60% of the tax cuts would go right into the pockets of the richest one percent — those making more than half a million dollars a year.  That’s according to the independent economists at the Institute for Taxation and Economic Policy, and backed up by economic policy and tax experts from across the ideological spectrum. 

“The country should ignore the President’s lies on stage tonight, the truth is Donald Trump’s tax plan saves him bigly, forces working people to fork over more of their paycheck, and sends the national debt skyrocketing,” said American Bridge Vice President Shripal Shah ahead of Trump’s speech in Harrisburg.  “It’s lose, lose, lose for the American people.”

Here is what economic policy and tax experts from across the ideological spectrum had to say about Trump’s tax plan: 

New York […]

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BREAKING: Fund Managers Say Trump’s Corporate Tax Cuts Will Increase Automation, Cut Jobs

“At the very same time that Donald Trump is making empty promises about his tax plan benefiting manufacturing workers, fund managers are predicting that large companies will use the new corporate tax cuts in Trump’s proposal to invest in automation instead of actual jobs for Americans,” said American Bridge spokesperson Andrew Bates. “It couldn’t be more obvious: the framework Trump and congressional Republicans are pushing is all about rigging the American economy so that the wealthiest taxpayers and corporations benefit while the American dream slips more out of reach for the middle class and those fighting to get into it.”

Key paragraph: “Fund managers from Columbia Threadneedle Investments, Hodges Capital and Hood Capital say that they expect that companies will use part of their tax savings to invest in high-cost machines that will allow them to reduce labor costs over time.”

Reuters: Tax-cut plan prompts fund managers to bet on automation
David Randall
5 MIN READ

NEW […]

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Statement: Trump’s tax plan is an insult to manufacturing workers and the middle class

American Bridge released the following statement in response to Donald Trump’s event today at which he will make dishonest claims about his tax plan, which would overwhelmingly benefit the wealthy but leave manufacturing workers behind. 

“Today’s event is a con,” said American Bridge spokesperson Andrew Bates. “Wall Street lobbyists support this Republican tax proposal while the country’s largest labor union is fighting against it. That should tell Americans everything they need to know. Donald Trump’s tax plan is nothing more an effort to rig the U.S. economy in favor of the rich and large corporations while selling-out the middle class and those fighting to get into it – including manufacturing workers.  What’s more, ​Trump’s plan ​​​does not expand the earned income tax credit ​and ​fails to address ​tax breaks corporations can exploit when moving jobs overseas.”

Why Donald Trump’s tax plan is an insult to manufacturing workers and the middle class:

​​The […]

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Republicans try to prevent CBO from scoring tax plan that ind. experts agree would benefit 1% over middle class  

American Bridge spokesperson Andrew Bates released the following statement after Republicans attached legislative language to their budget proposal that would bypass the need for the nonpartisan ​Congressional Budget ​Office to ​study the effects of their tax plan:

​”Republicans know their tax plan would further rig the U.S. economy in favor of the rich, and they want to keep that a secret from the American people. At the same time that the Tax Policy Center determined the tax proposal Donald Trump and Republicans wrote behind closed doors would give enormous new tax cuts to the rich while raising taxes on millions of middle class Americans, it turns out the GOP is trying to prevent Congress’s nonpartisan budget scorekeeper from warning the public about the plan’s consequences.  Republicans have already been caught lying about the fact that this tax plan would benefit Trump himself while also trying to hide the truth about corporate tax cuts for […]

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Trump Treasury Department suppresses government study contradicting their argument about corporate tax cuts benefiting workers

American Bridge spokesperson Andrew Bates released the following statement after news broke that the Treasury Department removed a study done by career economists concluding that reducing the corporate tax rate primarily benefits corporate shareholders, not workers, as Donald Trump and his cabinet have claimed. 

“The Trump Administration has already been caught lying about how much their tax plan will benefit the wealthiest Americans – including Donald Trump himself – and now they’re trying to suppress the work of nonpartisan, career Treasury economists because it contradicts their preferred fiction about corporate tax cuts not primarily benefiting shareholders over workers. It’s clear that the tax plan Donald Trump and congressional Republicans wrote behind closed-doors is designed to be a windfall for the rich and large corporations, further rigging the economy so that the middle class and those fighting to get into the middle class are left behind. This administration’s attempt to evade the truth will […]

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