Trump Tax 2.0: Republicans Double Down On More Tax Cuts For The Rich
September 25, 2018
The Trump tax law has not helped working Americans. Now, Republicans plan to double down on more tax cuts for the rich with a vote this week on the Trump tax 2.0. It’s clear where Republicans’ priorities lie, and voters will hold them accountable in November.
A majority of Americans have not seen their paychecks increase from the Trump tax law.
6 in 10 voters say they aren’t seeing any additional money in their paychecks since the Trump tax law.
Now, Republicans want to double down on more tax cuts for the rich with the Trump tax 2.0.
Chicago Sun-Times Editorial: “Republicans in Washington want to double down on a bad bet with more deficit-ballooning, wealth gap-widening tax cuts. House GOP leaders want to vote by Oct. 1 on ‘Tax Reform 2.0,’ another scheme to make the richest Americans even richer while tossing crumbs to John and Jane Q. Public.”
The Trump tax 2.0 could add more than $2 trillion to the deficit over a decade.
Washington Post: “House Republicans bracing for November’s midterm elections unveiled a second round of tax cuts on Monday that could add more than $2 trillion to the federal deficit over a decade, aiming to cement the steep cuts they passed last fall despite criticisms of fiscal profligacy and tailoring their policies to help the rich.”
Republicans plan to pay for the Trump tax 2.0 on the backs of middle-class families, with cuts to Social Security and Medicare benefits.
Forbes: “Social Security and Medicare benefits could be in jeopardy if House Republicans get their wishes and pass new tax cuts favoring the wealthiest Americans. The House GOP is readying a series of new tax cuts for votes later this week. … These cuts disproportionately favor the richest households and blow an ever increasing hole in the budget. Larry Kudlow, President Trump’s economic advisor, has already used these costs to advocate for cuts to Social Security and Medicare. Middle-class Americans would pay for wasteful tax cuts for the wealthy with substantially less retirement security in the coming decades.”