🚨 MAGA Republicans Gear Up to Force Through Extension of Trump Tax Scam That Would Cost Americans $4 Trillion

As Republicans push to extend tax cuts for the ultra-wealthy, DNC Deputy National Press Secretary Nina Raneses released the following statement:

“MAGA Republicans are already planning to expand Trump’s disastrous tax scam — which is a boon for his billionaire buddies on the backs of hardworking Americans. Republicans’ handout to the ultra-wealthy would ultimately cost American taxpayers $4.6 trillion over the next decade and give the largest tax cuts to the top 1% – leaving everyone else behind. President Biden has been the most pro-worker president in American history, taking unprecedented action to hold greedy corporations, union-busting CEOs, and billionaire tax cheats accountable while working to lower costs and give every American a fair shot. While Trump and MAGA Republicans plan on extending or even expanding their tax scam, President Biden and Democrats are fighting to stop corporate price gouging and grow the economy from the bottom up and middle out.”

Republican lawmakers are ready to throw middle-class Americans under the bus by pushing an extension of Trump tax cuts if they win in November — a move that would line the pockets of the ultra-wealthy and increase the national debt by the trillions. 

The Hill: “Republicans prepare to fast-track tax cuts in reconciliation”

“Republicans are getting ready to fast-track the extension of the Trump tax cuts through the reconciliation process if they win big in November. Nearly seven years after the GOP used budget reconciliation to pass the Tax Cuts and Jobs Act (TCJA), the party is gearing up to use the same maneuver to renew key provisions set to expire in 2026. While most legislation needs the support of 60 senators to avert a filibuster, budget reconciliation allows lawmakers to pass major tax and spending bills with a simple majority — and without bipartisan backing…

“While changes in business and corporate taxes from the 2017 tax law changed investment flows within the economy, it did not add substantially to economic growth. The Congressional Budget Office (CBO) estimated gross domestic product (GDP) expansion due to the law of 0.3 percent in 2018 and 0.6 percent in 2019 before the economic policies of the pandemic made its continued effects too difficult to measure accurately.

“The law also did not affect compensation levels for regular people, with the Congressional Research Service concluding that ‘ordinary workers had very little growth in wage rates’ resulting from the law.”

Center for American Progress: “According to new estimates released today by the Congressional Budget Office (CBO), permanently extending the expiring provisions of the Trump tax cuts would cost $4 trillion over the next 10 years, $400 billion per year.* This includes $3.4 trillion from extending the expiring individual and estate tax provisions as well as $551 billion from extending business provisions… 

“An extension would provide, on average, a larger tax cut for extremely rich households than for everyone else. Households with incomes of more than $500,000 per year—roughly the top 2 percent of households by income—would receive a larger tax cut than households making $200,000 per year, not just in dollars terms but also as a percentage of their after-tax income. And the households making $200,000 per year would receive a larger tax cut than those making $50,000 or less per year.”

United States Senate Committee on the Budget: “Extending Trump Tax Cuts Would Add $4.6 Trillion to the Deficit, CBO Finds”

MAGA Republicans want to slash historic Inflation Reduction Act provisions that are holding corporations accountable and making them pay their fair share. 

KFF: “As part of the Inflation Reduction Act, the Senate recently passed a three-year extension (through 2025) of enhanced subsidies for people buying their own health coverage on the Affordable Care Act Marketplaces. These temporary subsidies were originally slated to last two years (2021 and 2022) and were passed as part of the American Rescue Plan Act (ARPA). The enhanced subsidies increase the amount of financial help available to those already eligible and also newly expand subsidies to middle-income people, many of whom were previously priced out of coverage.”

RSC FY 2025 Budget Proposal: “Repeal the green giveaways in the Inflation Reduction Act …

“The RSC Budget would repeal these provisions of the Inflation Reduction Act …

“Providing tens of billions billion in annual taxpayer subsidies through the Inflation Reduction Act … The RSC Budget would end these taxpayer bailouts.”

President Biden is holding corporations accountable by being the most pro-union President in American history.

NBC News: President Joe Biden made history Tuesday when he visited a picket line in Michigan in a show of loyalty to autoworkers who are striking for higher wages and cost-of-living increases.”

Center For American Progress: “The Biden administration is advancing reforms to boost American workers’ earnings and wealth, empower them to unionize and bargain, and hold lawbreaking corporations accountable. By focusing on workers in the service sector as well as those in construction and manufacturing, the administration is helping reach working-class Americans, narrow racial pay gaps, and strengthen the middle class.”

Associated Press: “Despite concerns that a prolonged strike could undermine the economy, particularly in the crucial battleground state of Michigan, the Democratic president encouraged workers to keep fighting for better wages at a time when car companies have seen rising profits.”

President Biden is cracking down on junk fees, making life-saving medications more affordable, and bringing more good-paying jobs to middle-class Americans.

CNN: “More Americans can now get insulin for $35”

“Congress, the White House and new players in the market have increased pressure on insulin manufacturers to lower their prices. Eli Lilly and Sanofi announced that they would institute $35 caps shortly after President Joe Biden called on drugmakers to do so in his State of the Union address last year. Medicare enrollees now pay no more than $35 a month for each of their insulin prescriptions, thanks to the Inflation Reduction Act, which Democratic lawmakers pushed through Congress in 2022.”

USA Today: “Insulin $35 cap price now in effect, lowering costs for many Americans with diabetes”

“In 2022, a sweeping climate and health bill called the Inflation Reduction Act capped insulin costs at $35 a month for Medicare enrollees. In February 2023, Biden urged Congress to extend that out-of-pocket cap to younger Americans with private health insurance.”

Center for American Progress: “Communities That Lost Manufacturing Jobs Are Main Beneficiaries of Biden Administration’s New Industrial Policy”

Yahoo News: “Under President Biden, however, a manufacturing boom finally seems to be getting started. Since the beginning of 2022, construction spending on new factories has more than doubled, from an annualized rate of $91 billion in January 2022 to $189 billion in April 2023, the latest data available. That’s the biggest jump, by far, in data going back to 2002.”

The Hill: “A surge in manufacturing construction across the country is grabbing the attention of economists and workers on the ground as legislative efforts to reinvigorate the U.S. industrial base are bearing fruit.”

CNN: “Credit card late fees capped at $8 as part of Biden crackdown on junk fees”

“Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The Consumer Financial Protection Bureau estimates the new regulation, first proposed last summer, will save families more than $10 billion a year by cutting fees from an average of $32.”

Washington Post: “U.S. caps credit card late charges in new Biden crackdown on junk fees”

“The rules arrived as part of a suite of fresh federal efforts to promote competition and crack down on unfair or illegal pricing across the economy, which President Biden has blasted as one of the primary sources of rising costs facing American families over the past year.”

Trump’s MAGAnomics tax scam helped the ultra-wealthy and big corporations avoid paying their fair share in taxes.

ITEP: “55 Corporations Paid $0 in Federal Taxes on 2020 Profits”

New York Times: “How Big Companies Won New Tax Breaks From the Trump Administration”

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

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