Trump tax proposal cements him as the Bernie Madoff of American politics

Just like on healthcare and jobs, Trump’s tax “plan” proves he is only out for himself – and that he’s lying about it

Totally contradicting the economic pledges that Donald Trump made to the American people last year, Trump is at it again today, this time selling a sham tax proposal that is nothing more than a windfall for himself and the rich. This follows a pattern for Trump; to date, each of his major initiatives have been rooted in an agenda will only further rig the American economy for rich Americans at everyone else’s expense – including the “forgotten men and women” he spoke of in his inaugural address.

It’s no surprise that Trump is disingenuously claiming his tax plan will have populist outcomes when it in fact won’t. Trump lies about everything and today is no different. His empty rhetoric, however, has already been discredited even before his speech begins, with the Washington Post noting, “Trump speech will bash rigged system. But tax outline would benefit 1 percent.”

In fact, the Wall Street Journal also found that Trump was trying to sell his tax plan using terms “echoing language used by groups backed by billionaire industrialists Charles and David Koch.” This is revealing because less than one month ago Treasury Secretary Steven Mnuchin promised the Koch Brothers-funded group American for Prosperity that he would criss-cross the country with them to promote a pass-through rate cut that would be a windfall for the wealthiest Americans – even though, as the Tax Policy Center said today, such a policy could increase taxes on small businesses.

Trump’s plan may even tax 401k retirement plans in order to provide more tax cuts for the wealthy and for large corporations.

Trump made numerous promises about how he would turn good peoples’ lives around with negotiating prowess and economic know-how, saying he was not a typical politician – and he isn’t: he’s the Bernie Madoff of politics.

“Donald Trump’s presidency has been one gigantic, failed marketing gimmick,” said American Bridge President Jessica Mackler. “In spite of everything he told us, his agenda never meets the basic test of ‘would this help the American middle class and those fighting to enter it.’ But he can’t hide the truth of his dangerous plans to further rig the American economy to his own advantage at everyone else’s expense.  Just like on healthcare, the American people will reject this promise-breaking plan and demand the real reform that they deserve.”

  • As the Center on Budget and Policy Priorities has shown, no matter what empty words Trump says, the tax plan he wants to pursue would leave the middle class behind and overwhelmingly benefit the highest earners.
  • Despite Trump’s populist rhetoric, he is failing to say if the Republican tax plan would meet his own Treasury secretary’s “Mnuchin Rule,” meaning it would benefit middle income taxpayers and not be a disproportionate giveaway to the wealthiest Americans.
  • Even though he pledged to release his tax returns to the public, Trump has not honored his word, which means it will be impossible to know how much the tax rewrite he’s supporting would benefit him personally at the country’s expense.
  • The Wall Street Journal observed that in trying to sell his tax plan, Trump is “echoing language used by groups backed by billionaire industrialists Charles and David Koch.”
  • Trump’s plan may very well impose new taxes on Americans’ 401k plans to help give wealthy taxpayers new breaks.