REMINDER: Donald Trump’s Failed Tax Scam Blew Up the Deficit
December 21, 2023
Ahead of the anniversary of Donald Trump’s MAGAnomics tax giveaways for the ultra-wealthy, which he signed into law six years ago tomorrow, DNC National Press Secretary Sarafina Chitika released the following statement:
“Because of Donald Trump’s failed tax scam, middle-class Americans were forced to foot the $1.9 trillion bill while the richest Americans and greedy corporations got a massive tax break — all while Trump’s reckless fiscal policy exploded the deficit to historic highs. Trump is so committed to enriching his wealthy friends and rigging our economy for giant corporations that he’s already promised to extend his extreme MAGA tax scam for the ultra-wealthy and big corporations in a second term. While President Biden is helping to bring back jobs and grow our economy, Trump’s failed, trickle-down tax scam would rack up our national debt and force the middle class to pay the price – a losing agenda voters will reject once more next November.”
Donald Trump wants to double down on his extreme MAGA tax scam for big corporations and the ultra-wealthy in a second term, which could once again skyrocket the deficit and saddle taxpayers with billions in debt.
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, which they see as a major accomplishment worth expanding, according to interviews with a half-dozen people close to the former president, some of whom spoke on the condition of anonymity to describe private conversations.”
Committee for a Responsible Federal Budget: “CBO Estimates TCJA Extensions Could Cost Up to $2.7 Trillion”
Let’s not forget that under Trump’s leadership, the United States saw one of the largest increases in the national debt in the history of our country.
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.”
And Trump’s extreme MAGAnomics agenda that gifted tax giveaways for big corporations and the ultra-wealthy ballooned the deficit well before the pandemic had a chance to impact it.
ProPublica: “Federal finances under Trump had become dire even before the pandemic. That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration’s own description, the pre-pandemic national debt level was already a ‘crisis’ and a ‘grave threat.’
“The combination of Trump’s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar.”