Trump’s MAGAnomics Tax Scam To Rig the Economy for the Ultra-Wealthy and Leave Latinos Behind

As Donald Trump’s MAGA minions in the House plot their efforts to double down on Trump’s failed MAGAnomics tax scam that left Latinos behind, DNC Hispanic Media Director Marco Frieri released the following statement: 

“Donald Trump’s tax scam will forever be remembered as the tax plan that lined the pockets of his ultra-wealthy and well-connected friends at Mar-a-Lago, rigged the economy for big corporations, shipped American jobs overseas, and ballooned the national debt. Working families – especially Latino families – were left behind by the deal. Now, MAGA Republicans in Congress want to fast-track the extension of the Trump tax cuts for the wealthy, further deepening the wealth gaps that Trump caused and abandoning hardworking Latino families. Voters turned out in record numbers last cycle to reject the failed MAGAnomics agenda for the privileged few, and they will do it again come November.”

Latino households were disproportionately left out of Trump’s tax giveaways for the ultra-wealthy.

The Hill: “But according to a new UnidosUS poll released Thursday, if there was a middle-class miracle or great Christmas gift of lower taxes, it did not make it down the chimneys of most Latinos.

“The national survey of 800 Latino adults conducted by Lake Research Partners from Dec. 4 to Dec. 15 found a plurality of Latino adults (43 percent) reported paying more in taxes following the enactment of the Tax Cuts and Jobs Act. Indeed, just 10 percent said they believe that any money from the law went into their household.”

New York Times: “The Tax Break for Children, Except the Ones Who Need It Most”

New York Times: “While Republicans say the increase shows concern for ordinary families, 35 percent of children fail to receive the full $2,000 because their parents earn too little, researchers at Columbia University found. A quarter get a partial sum and 10 percent get nothing. Among those excluded from the full credit are half of Latinos, 53 percent of blacks and 70 percent of children with single mothers.”

Center for American Progress: “But while the law significantly expanded eligibility for wealthier households to access the credit—raising the income level where the credit begins to phase out to $400,000—most low-income families with children received only a partial benefit or no benefit at all. Because not all of the tax credit is refundable, the lowest-income families, who are disproportionately families of color, are unable to qualify for the full CTC. As a result, 50 percent of Hispanic children were left behind.”

Now, 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 Latinos 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.”

REMINDER: Trump’s tax scam gave massive handouts to the ultra-wealthy at the expense of working families, and Black and Latino communities. 

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

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.”

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.”

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

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”