REMINDER: Trump’s MAGAnomics Tax Scam Incentivized Companies to Ship Jobs Overseas

Ahead of the anniversary of Donald Trump’s MAGAnomics tax giveaways for the ultra-wealthy, which he signed into law six years ago this Friday, DNC National Press Secretary Sarafina Chitika released the following statement: 

“Donald Trump’s ‘America First’ agenda was a lie, unless you’re one of the few billionaires who could take advantage of his trickle-down, tax cuts for the rich scam or a corporate CEO itching to abandon American workers. For the rest of us, Trump put America last – leaving office with the worst jobs record since Herbert Hoover and signing into law disastrous incentives to ship thousands of American jobs overseas. Trump abandoned working families, and that’s why they abandoned him at the polls in 2020, choosing instead to elect President Biden, who has delivered on his promises to invest in American manufacturing and create millions of jobs for American workers while setting records for economic growth. Next November, voters will remember who is on their side.” 

Trump’s MAGAnomics tax scam created new incentives for companies to ship jobs overseas and he left American workers behind.

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 MAGAnomics tax scam was a boon for corporations and the ultra-wealthy at the expense of the middle class.

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.”

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”

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 also left office with the worst jobs numbers of any president 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.”

Trump and every other 2024 Republican have vowed to make permanent and extend Trump’s disastrous MAGAnomics tax giveaways for the ultra-wealthy and big corporations.

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.”

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”

Haley: “Well, I think what I’d like to see is us go back to what Trump had under the tax cuts under him … I was there.”

DeSantis on whether he’d keep Trump’s tax rates in place: “The current rates that are due to expire, we want to keep those rates in place.”

Bloomberg: “DeSantis voted in the US House in favor of the 2017 Trump tax cuts. He has proposed extending the lower individual tax rates before they expire in 2025.”

Ramaswamy on a suggestion to make permanent or expand the Trump tax cuts: “I’d go a little further, Larry, than that, to be honest with you.”

Christie: “First of all, we need to extend the Trump tax cuts. I think those need to be extended.”

Bloomberg: “Christie said he would extend the Trump tax cuts if elected.”