DNC Rapid Response Director Alex Floyd released the following statement: 

“The GOP’s economic agenda is to double down on Donald Trump’s disastrous MAGAnomics tax scam that blew up the deficit, and rigged the economy for the ultra-wealthy, and left behind America’s middle class. Trump’s tax giveaways marked the first time in American history that billionaires paid a lower tax rate than our middle class – that’s nothing to be proud of. In stark contrast, President Biden is putting hardworking Americans first by fighting to make the wealthy and corporations pay their fair share in taxes. Once again, President Biden is working for Main Street while Trump puts Park Avenue and himself first.”

Trump and MAGA Republicans want to make permanent and expand his disastrous MAGAnomics tax giveaways for the ultra-wealthy that left America’s middle class behind. 

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.”

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

Washington Post: “Behind closed doors, Trump eyes second round of corporate tax cuts”

“Nonpartisan estimates have found that Trump’s tax cut added more than $2 trillion to the federal debt. In 2018, the richest 20 percent of taxpayers saw an average of $7,600 in savings from the 2017 tax law, compared with just $930 in savings for middle-income households, according to the Tax Policy Center, a nonpartisan think tank. Making the tax cuts permanent would cost $3 trillion, the center said in 2022. More than 60 percent of the benefits would go to the richest 20 percent of Americans, and more than 40 percent of the benefits to those earning above $400,000 annually.”

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 do even more taxes.”

Committee for a Responsible Federal Budget: “CBO Estimates TCJA Extensions Could Cost Up to $2.7 Trillion”

Trump’s tax scam benefited the wealthiest Americans while the middle class suffered. 

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

The Guardian: “Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

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

ProPublica: “In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.”

Trump’s MAGAnomics tax scam created new incentives for companies to ship jobs overseas — delivering a huge blow to American workers. 

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Reuters: “How offshoring rolled along under Trump, who vowed to stop it”

“Donald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn’t stop them.”

The Guardian: “’He pulled the wool over our eyes’: workers blame Trump for moving jobs overseas”

“Promises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump’s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

ITEP: “The Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore.”

Trump’s tax scam sent the deficit skyrocketing to historic highs. 

Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”

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.”

Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”