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.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $140,000 in one-time donations and to add 1469 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy