
Americans for Tax Fairness has just published “Nine Terrible Things About the Republican Tax Plan.” All are good reasons for you should get on the phone with your member of Congress and tell them to vote against this travesty of a tax bill.
The number to call is 877-795-7862. If a staff member of your senator or representative asks you why you oppose the Trump/Republican tax plan, here are some facts you can cite:
1. It prioritizes corporations over health care.
The corporate tax rate is slashed from 35% to 20%, losing $1.5 trillion — equal to the cuts Republicans plan to make to Medicare and Medicaid.
2. It puts Wall Street over seniors.
Hedge funds, law firms, and real estate companies like Trump’s get a $448 billion tax cut from the drop (from 39.6% to 25%) in the top tax rate for “pass-through” businesses. The Republican budget cuts Medicare by $473 billion.
3. It is a real jobs killer.
By slashing the tax rate on foreign profits, the plan encourages multinational corporations to outsource more jobs and shift more profits offshore.
4. It hands a $500 billion tax cut to offshore tax dodgers.
American corporations already have $2.6 trillion in profits stashed offshore on which they owe $750 billion in US taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $220 billion — over a half-trillion-dollar discount.
5. It makes the middle class pay more.
The plan repeals the deduction for state and local income and sales taxes (SALT). One-third of taxpayers making $50,000-$75,000 use this deduction, as do half of those making $75,000-$100,000.
6. It helps Donald Trump pay less.
The plan repeals the alternative minimum tax (AMT), losing almost $700 billion. Without the AMT, Trump would have paid just a 4 percent tax rate on $153 million in income one year. But thanks to the AMT, he paid $38 million for a tax rate of 25 percent.
7. It lets Ivanka and her siblings save billions.
In six years the bill repeals the estate tax, which will cost $170 billion. The Republican budget cuts education, job training and social services by $200 billion. Under the tax bill only estates worth at least $11 million would pay the estate tax. (That’s double the current threshold of almost $5.5 million.) If Trump is worth the $10 billion he claims, his heirs could inherit billions tax free.
8. It breaks Trump’s promise to close the “carried interest” loophole.
Remember when candidate Trump said “the hedge fund guys are getting away with murder” with this Wall Street tax break? This plan keeps it in place.
9. It adds $1.5 trillion to the national debt.
The bill includes $1.5 trillion in tax cuts that are not paid for by closing loopholes used by the wealthy and corporations. This will balloon the deficit and further endanger funding for Social Security, Medicare, Medicaid, public education and more.
Angry, shocked, overwhelmed? Take action: Support independent media.
We’ve borne witness to a chaotic first few months in Trump’s presidency.
Over the last months, each executive order has delivered shock and bewilderment — a core part of a strategy to make the right-wing turn feel inevitable and overwhelming. But, as organizer Sandra Avalos implored us to remember in Truthout last November, “Together, we are more powerful than Trump.”
Indeed, the Trump administration is pushing through executive orders, but — as we’ve reported at Truthout — many are in legal limbo and face court challenges from unions and civil rights groups. Efforts to quash anti-racist teaching and DEI programs are stalled by education faculty, staff, and students refusing to comply. And communities across the country are coming together to raise the alarm on ICE raids, inform neighbors of their civil rights, and protect each other in moving shows of solidarity.
It will be a long fight ahead. And as nonprofit movement media, Truthout plans to be there documenting and uplifting resistance.
As we undertake this life-sustaining work, we appeal for your support. Please, if you find value in what we do, join our community of sustainers by making a monthly or one-time gift.