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 nonpartisan Tax Policy Center has determined that if Congress passes Trump’s tax plan the wealthiest 1% of American taxpayers would see their incomes rise by 8.5%, while most middle-income earners would only see temporary gains of 1.2% – and millions would face a tax increase.
- According to the Associated Press today, “for low-income households, Trump’s plan would amount to crumbs.”
- Trump’s proposal would not expand the earned income tax credit, one of the most beneficial tax policies for working Americans.
- The framework Trump and establishment Republican leadership in Congress wrote in secret would give corporations a special deal on avoiding taxes on overseas profits despite experts saying that such policies do not create jobs or increase investment, but mainly benefit shareholders.
- Trump and cabinet officials have been caught lying about how much this tax plan would benefit Trump himself, while his top economic adviser has admitted he “can’t guarantee” it wouldn’t raise taxes on the middle class.
- The Trump Administration has tried to suppress a study by career U.S. Treasury economists showing that, in contradiction of the Administration’s rhetoric, cutting corporate taxes primarily benefits shareholders and not employees.