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The Rich Get Richer Under Trump’s Self-Serving Tax Plan

The GOP’s tax plan will cut taxes for the rich and powerful – including Trump – but not for working families.
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By Clyde Weiss ·

There’s much that’s unknown about the specifics of the tax plan advanced by the Trump administration and leaders in Congress. This much we do know: It’s a rotten deal for working people.

For a president who campaigned as a champion of working families this still-sketchy proposal amounts to a renunciation of everything he promised. His plan is a massive tax break for those who need it least – the rich and powerful. Trump himself could profit by more than $1 billion, according to an analysis by The New York Times. Moreover, it will come at the expense of public services and programs that benefit working people.

“This tax plan will be a slow-motion disaster that hurts our country for years to come,” said AFSCME Pres. Lee Saunders. “It is deeply irresponsible to let even a penny more in tax cuts go to the wealthy and corporations, while working people are barely keeping their heads above water, our roads and bridges are crumbling, our children face steep inequalities, and our seniors struggle to retire with dignity.”

For the wealthy, cutting the corporate tax rate from 35 percent to 20 percent – and the top individual rate to 35 percent from 39.6 percent –  means that the wealthiest will receive the biggest boost from this plan. For those who are not wealthy, taxes could actually go up as tax breaks are eliminated.

To pave the way for some of the enormous revenue losses that would come with cutting taxes for the wealthiest individuals and corporations, the U.S. Senate plans to vote next week on a budget resolution that would make dramatic cuts to Medicaid, Medicare, public education, and other public services our communities rely on.

“Our nation faces challenges that are not shared equally,” Saunders said. “The super-wealthy and corporations can and must shoulder their fair share of the burden. The plan announced today will further rig the system against working families and our communities by strip-mining the public services we all rely on. We cannot continue to put the interests of the rich and powerful before the interests of our country.”

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