- This Tax Day working families are paying their fair share of taxes, but the same can’t be said of the wealthy and big corporations. The Trump-GOP tax cuts that cost nearly $2 trillion are mostly benefiting the rich at the expense of the rest of us. President Trump and Republicans in Congress now want to pay for the increased debt caused by their tax giveaways by cutting Medicare, Medicaid, Social Security, education and more services millions of us depend on every day.
- We need to repeal the Trump-GOP tax cuts that benefit the wealthy and corporations so that they start to pay their fair share of taxes like the rest of us. A fairer tax system contributes to an economy that works for all of us, not just the wealthy few. By raising trillions of dollars in taxes from the rich and corporations we can protect Medicare, Medicaid, and Social Security and invest in priorities that matter to working families like improving education, lowering healthcare costs, making child care and housing affordable, repairing roads and bridges and protecting our environment.
ADDITIONAL TALKING POINTS & FACTS
- The Trump-GOP tax breaks cost $2 trillion and went mostly to the rich & big corporations.
- At a time of staggering wealth inequality, the rich don’t need another tax cut. Just three men—Jeff Bezos, Warren Buffett and Bill Gates—together are worth as much as the whole bottom half of society (165 million people).
- Corporations were the biggest winners from the Trump-GOP tax cuts. Their tax rate on domestic profits was cut by 40%—from 35% to 21%—and the tax rate on offshore profits is half of that—creating big incentives to shift jobs and profits offshore.
- Trump’s new budget cuts trillion of dollars from Medicare, Medicaid, Social Security, education and more to pay for his $2 trillion tax cut for the rich. Amazingly, Trump’s new budget also gives another $1 trillion tax cut mostly to the wealthy, slashing services even more to pay for it.
- Trump’s new budget repeals the Affordable Care Act, which will take healthcare away from 20 million Americans. It will also take away the protections for 130 million people with pre-existing medical conditions who would pay more or not be able to afford insurance without the ACA. Repealing the ACA will also give $600 billion in new tax cuts to drug companies, health insurers and the wealthy.
- President Trump promised that corporations would use their tax cuts to give working families a $4,000 pay raise. Instead, corporations are making record profits thanks to their huge tax cuts but are giving almost nothing to their workers. Instead, they are distributing their tax cuts to wealthy CEOs and shareholders.
- Only 4.3% of workers have received a bonus or raise as a result of the Trump-GOP tax cuts. Instead, corporations used their tax cuts to buy back $1 trillion of their own stock last year. This jacks up stock prices, which mainly benefits the rich who own most stock.
- Major U.S. banks shaved about $21 billion from their tax bills last year.
- Amazon made $11 billion in profits last year but paid no federal income taxes.
- Drug companies have made billions in profits thanks to billions in tax breaks, but they haven’t stopped increasing prices on medicines that millions depend on to stay alive.
- We need to create a fair tax system that makes the rich and corporations pay their fair share of taxes, like the rest of us. This starts by repealing the Trump-GOP tax cuts for the wealthy and corporations. We also need to close the many tax loopholes that force the rest of us to pick up the tab, even as the rich get richer. These steps would raise trillions of dollars to protect critical services like Social Security, Medicare, Medicaid and the Affordable Care Act. It would also help us make major new investments in education, housing, roads and bridges, child care, renewable energy and the environment, and more. This is how we begin to create an economy that works for all of us, not just the wealthy few.
POLLING AND MESSAGING
In March 2019, ALG Research conducted a poll (poll questions here) for Tax March and Americans for Tax Fairness to gauge the publics’ views about taxing the wealthy. Its top message findings below were very consistent with previous polls conducted for the two groups:
[FAIR SHARE] The rich take advantage of many tax loopholes, leaving the rest of us to pick up the tab, even as they’ve gotten richer. We need to raise taxes on the rich so they pay their fair share, and make our tax system fairer for working families.
[MEDICARE/SOCIAL SECURITY] The recent tax cuts for the rich increased the debt by nearly 2 trillion dollars and put funding for Medicare, Medicaid, and Social Security at risk. We need to raise taxes on the rich to make sure these programs are protected.
[INVEST IN PRIORITIES] Raising taxes on the rich will allow us to invest in key priorities such as improving education, lowering healthcare costs and repairing and upgrading our infrastructure, such as our crumbling roads, bridges and tunnels.
Two Key Questions from the Poll:
- Question 33K: 80% (57% strongly) support raising taxes on the richest 1% to raise trillions of dollars to help address the country’s top priorities.
- Question 33I: 62% (44% strongly) supported repealing the Trump tax cuts that benefit the rich and corporations.