Washington, D.C. – Americans for Tax Fairness Action Fund Executive Director Frank Clemente made the following statement about Donald Trump’s tax plan today.
“The emperor has no clothes. Despite all his populist talk that it’s ‘outrageous’ how little tax multimillionaires and ‘the hedge fund guys’ pay, Donald Trump’s tax plan is yet another giveaway to the super rich and big corporations. The top 1% will get a tax cut of $184,000 a year, while the bottom 20% will get a tax break of just $250, according to Citizens for Tax Justice. Trump’s tax giveaways will cost the American people more than $10 trillion over 10 years. That’s $10 trillion less for education, infrastructure, health care, retirement security, medical research and more.
“Not surprisingly, Trump’s tax plan is deeply narcissistic, as it will directly benefit him and his heirs. He slashes the top income tax rate by more than one-third, from 39.6% to 25%. He cuts the capital gains tax rate, which would mostly benefit people like him. He wipes out the estate tax, which now only affects estates above $5 million; with a net worth estimated at $8.7 billion this will personally benefit Trump’s heirs. His nearly 60% cut in the corporate tax rate would flow mostly to people like him who are the primary owners of capital. And it comes when corporate profits are at an all-time high and corporate taxes as a share of federal revenue are at near record lows.
“One of the biggest giveaways in Trump’s tax plan is to the multinational corporations that have stashed $2.1 trillion in untaxed profits offshore. Instead of making them pay what they owe – about $600 billion, assuming the 35% tax rate less foreign taxes paid – Trump would reward them with a 10% tax rate, which might raise $200 billion. That’s a $400 billion tax break to America’s worst tax dodgers. That’s not a way to make America great again.
“While he calls himself a ‘man of great common sense,’ this tax plan shows Trump remains a man of the economic elites.
Americans for Tax Fairness Action Fund is a project of the Sixteen Thirty Fund, which is organized under 501(c)(4) of the Internal Revenue Code. It should not be confused with Americans for Tax Fairness, a project of the New Venture Fund, organized under 501(c)(3) of the IRC. The 425 organizations that have endorsed Americans for Tax Fairness operate separately from the activities of Americans for Tax Fairness Action Fund.