JD Vance Backs Trump’s Project 2025 Tax Scam to Rig the Economy for the Ultra-Wealthy on the Backs of Working Families (Again)
October 1, 2024
Reminder: No matter what Vance says, Project 2025 is an “undeniably Trump-driven operation” with deep ties to the Trump-Vance ticket.
JD Vance backed Donald Trump’s MAGAnomics tax scam that gave handouts to the ultra-wealthy at the expense of the middle class — and he’s ready to help Trump take it even further with their Project 2025 agenda.
Vance on Trump’s plan that would raise tariffs and raise costs for hardworking Americans: “This is a fascinating proposal and we could talk for a while about it.”
Vance: “The left attacked Donald Trump for those tax cuts and said that they would actually make the deficit worse … I think that we have a pretty common sense regulatory and tax agenda.”
Trump: “You’re all people that have a lot of money … You’re rich as hell. … We’re gonna give you tax cuts.”
Bloomberg: “[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.”
Washington Post: “Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms.”
Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”
Project 2025: “The corporate income tax rate should be reduced to 18 percent.”
FACT: Trump’s disastrous economic policies allowed billionaires to pay less in taxes than the working class for the first time in American history.
Washington Post: “For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year”
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
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.”
New York Times: “How Big Companies Won New Tax Breaks From the Trump Administration”
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”
CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”
FACT: Trump’s MAGAnomics tax scam created new incentives for companies to ship jobs overseas and earned him the worst jobs record in modern American history.
Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”
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.”
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.”
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.”
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”