DNC National Press Secretary Sarafina Chitika released the following statement: 

“Six years ago today, Donald Trump signed his extreme MAGA tax scam into law, marking the first time in American history that billionaires would pay less than our country’s hardworking middle class. Trump’s tax scam incentivized corporations to ship jobs overseas and forced middle-class taxpayers to foot the bill for an over $1 trillion deficit, and hardworking families suffered while billionaires profited at their expense. As president, Trump made it clear that he works for Wall Street, not Main Street, and he’s already promised to go even further in his tax cuts for the wealthy in a second term — an agenda the American people literally can’t afford.”

In a second term, Trump has promised to go even further to cut taxes for his ultra-wealthy friends and big corporations. 

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”

Trump’s extreme MAGA 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.”

Trump’s MAGAnomics tax scam created 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.”

Let’s be clear: Trump’s tax cuts 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: “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.”

No matter who wins the messy GOP primary, all of the 2024 Republicans are campaigning on extending Trump’s extreme MAGA tax scam if they come to power. 

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.”