Americans for Tax Fairness led a coalition of hundreds of partner organizations in our joint efforts to expose the cruelty of the Trump-GOP tax scam. That scam will give most of its benefits to the richest 1% and wealthy corporations. And it will lead to 90 million working families paying more in taxes and to deep cuts to Medicare, Medicaid, Social Security, and education down the road.
As a coalition, in the last two months we drove over 930,000 calls to congressional offices, held over 750 events and generated tons of media coverage. ATF also drove the online conversation, reaching over 15 million people on multiple social media platforms. We may not have won the policy debate in Washington — where 6,000 corporate lobbyists got politicians to do their bidding — but we sure won it with the American people across the country.
Rachel Maddow of MSNBC video clips of coalition protests:
Protesters out in droves objecting to Republican tax bill
Protesters put pressure on Rep. Comstock for her tax vote
GOP tax bill opponents plan protests to the bitter end
Tax bill protests resume around the country
HERE IS WHAT THE REPUBLICAN TAX SCAM BILL, SIGNED INTO LAW BY DONALD TRUMP, DOES:
- Gives a massive tax cut to millionaires and corporations. Over 80% of the $1.5 trillion in tax cuts will go to the richest 1% by 2027, when fully phased in. This year, the top 1% will get an average tax cut of $51,000 per household. The bottom 60% will get about a dollar per day.
Despite national polling that has steadily shown widespread disapproval among most Americans, Republicans have passed a deeply unpopular and partisan tax bill. American voters have strongly opposed nearly every iteration of the Republican tax plan in poll after poll. According to an analysis by FiveThirtyEight on November 29, the Trump-GOP tax plan is the least popular tax bill since 1986—even ranking below bills that raised taxes during the George H.W. Bush and Bill Clinton administrations. NATIONAL POLLS CONSISTENTLY SHOW THAT ONLY ABOUT ONE-IN-THREE VOTERS SUPPORTS THE TRUMP-GOP TAX PLAN
Americans for Tax Fairness, Frank Clemente, Executive Director “This monstrosity is not tax reform. It’s a money grab by the richest 1% and the wealthiest corporations, period. It will be paid for by raising taxes on millions of working families and raiding Social Security, Medicare, Medicaid, and other critical services they cherish and depend on. Plainly speaking: a vote for this bill is a vote to inflict harm on millions of hardworking families to please corporate campaign donors and the six thousand lobbyists who pushed for it.”
In recent weeks, editorial boards across the country responded to communications urging them to express their opinion about the various versions of the Trump-GOP tax plans. This is not a comprehensive list, as many papers wrote two, three or four editorials that are not all recorded below.
President Trump and Congressional Republicans claim their massive tax cuts for the wealthy and corporations will greatly increase economic growth, enough even to cover the plan’s $1.5 trillion cost (though they’ve recently been hedging this last claim). Economic experts from across the ideological spectrum strongly refute these claims, both on general principles and as they relate to this specific plan.
Despite his false claim that his tax plan would “cost me a fortune,” President Trump will undoubtedly be among the very wealthy who will benefit enormously from his tax plan. Several elements will be particular boons to Trump and his family. Trump’s exact tax savings are difficult to estimate since he has refused to release his tax returns unlike every other president over the last 40 years—but it is likely to be at least $11 million a year and perhaps as much as $22 million.
Moody’s Investor Service [MarketWatch, 1/28/2018]
“We do not expect a meaningful boost to business investment because U.S. nonfinancial companies will likely prioritize share buybacks, M&A and paying down existing debt,” said Moody’s analysts led by Rebecca Karnovitz. “Much of the tax cut for individuals will go to high earners, who are less likely to spend it on current consumption.”
More than three-quarters of the $1.1 trillion in individual tax cuts will go to people who earn more than $200,000 a year in taxable income, who constitute only about 5% of all taxpayers, said Karnovitz.