Trump’s MAGA Veepstakes: VP Contenders Support Trump’s MAGAnomics Tax Scam to Rig the Economy for the Ultra-Wealthy

As Donald Trump’s VP contenders support MAGA Republicans’ efforts to double down on Trump’s failed MAGAnomics tax scam, DNC Rapid Response Director Alex Floyd released the following statement: 

“Donald Trump and MAGA Republicans are pushing to once again rig the economy for the ultra-wealthy and big corporations, and Trump’s VP contenders are all shamelessly lining up to support his failed MAGAnomics agenda that puts hardworking Americans last. Trump’s potential running mates have rushed to praise his disastrous and unpopular tax scam that allowed billionaires to pay less in taxes than the middle class for the first time ever, created new incentives for companies to ship jobs overseas, and caused the deficit to skyrocket. It’s a losing playbook that hardworking families cannot afford, and they’ll reject it again this November.”

NEW: Donald Trump’s MAGA allies are planning to fast-track an extension of Trump’s disastrous tax scam that rigged the economy for the ultra-wealthy while leaving the middle class behind.

The Hill: “Republicans are getting ready to fast-track the extension of the Trump tax cuts through the reconciliation process if they win big in November. Nearly seven years after the GOP used budget reconciliation to pass the Tax Cuts and Jobs Act (TCJA), the party is gearing up to use the same maneuver to renew key provisions set to expire in 2026…

“[Trump’s tax cuts] did not add substantially to economic growth. The Congressional Budget Office (CBO) estimated gross domestic product (GDP) expansion due to the law of 0.3 percent in 2018 and 0.6 percent in 2019 before the economic policies of the pandemic made its continued effects too difficult to measure accurately.

“The law also did not affect compensation levels for regular people… The CBO projected this month that extending the law through 2034 would cost $4.6 trillion, a substantial increase to the deficit after it already ballooned to new highs at more than 120 percent of GDP in the aftermath of the pandemic.”

Trump’s VP contenders have praised his MAGAnomics tax scam and supported Trump’s push to make it permanent.

Tim Scott: “We make the Tax Cuts and Jobs Act tax cuts permanent.”

Doug Burgum: “I believe in these economic policies, I believe the tax bill is a great thing.”

Marco Rubio: “Overall, the Republican tax-cut bill has been good for Americans. That is why I voted for it.”

Tom Cotton: “Trump’s tax cuts helped deliver the strongest economy in recent history.”

CNBC: “Ben Carson leads prayer for tax cuts at Trump Cabinet meeting”

KOTA: “Republicans are calling President Trump’s tax plan the biggest tax overhaul in history. … Representative Kris[ti] Noem was a big part in pushing this bill.”

Fox Business: “Trump’s tax policies have worked out for all of America: Rep. Byron Donalds

Vivek 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.”

Alabama Political Reporter: “Katie Britt on Monday released a memo with her policy positions … [including] a bill to make permanent the individual tax cuts and extend the expanded standard deduction contained in President Trump’s 2017 Tax Cuts and Jobs Act. … a pro-growth tax reform bill reducing business tax rates, repealing the Death Tax, and making the expensing of capital assets permanent. … a bill to repeal the state and local tax deduction.”

Wesley Hunt: “I supported the 2017 Tax Reform bill.”

Trump is doubling down on his failed MAGAnomics agenda that puts billionaires and big corporations ahead of hardworking Americans.

Trump: “You’re all people that have a lot of money. … You’re rich as hell. … We’re gonna give you tax cuts.”

Trump: “I will never let the Trump tax cuts … I will never let them be taken away.”

Trump on whether his second term tax policies would echo those of his first term: “Yes, and I’d do even more taxes.”

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”

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: “The conservative Republican Study Committee is out with a 2025 budget proposal to extend individual and corporate breaks from the 2017 Trump’ tax law.”

REMINDER: Trump’s tax scam gave massive handouts to the ultra-wealthy at the expense of working families and created new incentives for companies to ship jobs overseas.

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

Washington Post: “For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year”

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.”

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…

“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.”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

Trump owns the worst jobs record in modern American history.

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.”

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”