In response to Donald Trump’s allies pushing his failed MAGAnomics agenda throughout the first day of the RNC convention, DNC Chair Jaime Harrison released the following statement: 

“Donald Trump’s GOP kicked off their convention tonight pledging to bring back his failed MAGAnomics agenda that delivered nothing but empty promises to working Americans after four years of handouts to the ultra-rich on the backs of the middle class. The truth is that Trump, J.D. Vance, and their MAGA allies’ extreme Project 2025 platform would devastate working families with skyrocketing inflation after Trump’s last tax scam incentivized outsourcing and let billionaires pay a lower tax rate than the middle class for the first time ever. This November, voters will reject the Trump-Vance ticket’s extreme and expensive MAGAnomics agenda that puts the ultra-rich ahead of the rest of us — and reelect President Biden and Vice President Harris, who are building the economy from the bottom up and middle out.”

Donald Trump’s MAGAnomics tax scam gifted handouts to the ultra-rich and big corporations while leaving working families behind – and he’s promising to do it all over again.

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.”

Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”

Trump is rooting for the U.S. economy to crash for his own political gain, saying he doesn’t “want to be Herbert Hoover…”

Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”

CNN: “Trump says he hopes any economic crash would happen before he could serve a possible second term.”

The Hill: “Trump says he hopes economy crashes in next 12 months: ‘I don’t want to be Herbert Hoover’”

USA Today: “Donald Trump says he hopes economy tanks this election year ‘because I don’t want to be Herbert Hoover’”

… even though he already is. Trump’s disastrous MAGAnomics agenda left him with the worst jobs record since the Great Depression.

Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”

Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”

USA Today: “Fact check: Chart of job growth by president shows historic unemployment under Trump”

Newsweek: “Trump Leaving Office With 3M Less Jobs Than When He Entered, Worst Record Since Depression”

And now, Trump’s Project 2025 agenda would double down on his economic failure and continue to help his ultra-rich friends while leaving the middle class behind.

Trump: “I will never let the Trump tax cuts … I will never let them be taken away.”

Trump: “You’re all people that have a lot of money … You’re rich as hell … We’re gonna give you tax cuts.”

Trump: “We will replace Biden’s tax hikes with the beautiful Trump tax cuts. You know, we have to extend the tax cuts.”

Trump on whether his second term tax policies would echo those of his first term: “Yes, and I’d do even more taxes.”

Washington Post: “The former president’s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law. … Trump’s advisers, though, have discussed proposals to make deeper cuts to the overall corporate tax rate, potentially to as low as 15 percent, or to use the revenue from the proposed tariffs to pay a dividend to U.S. households. Further cutting corporate taxes … would primarily benefit large firms.”

Bloomberg: “[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

Vox: “Trump said this tax break was for small businesses. It’s giving $17 billion to millionaires this year”

“If many average Americans aren’t noticing or loving the tax cut bill yet, it might be understandable — it benefits the wealthy by design. And a congressional report released this week shows that one specific new deduction for so-called ‘pass-through’ companies is heavily benefiting the rich. … The Republican tax bill cut the corporate tax rate to 21 percent from 35 percent and disproportionately benefits corporations and the wealthy.”