October 29, 2020
As we enter the last 5 days of the 2020 Presidential Campaign, it is important that we review President Trump’s very troubled record on the economy and taxes and the alternative offered up by former Vice President Biden. While nearly 230,000 Americans have died from COVID, nearly 9 million more are infected and 62 million lost their job at some point in recent months, billionaire wealth has skyrocketed. They’ve even benefited from new tax cuts contained in the major pandemic relief bill passed in March. Below are just a few of the items that are important for voters across the country to know.
BILLIONAIRES BOOM, WORKING FAMILIES AND STATE BUDGETS GO BUST
The collective wealth of America’s 644 billionaires jumped by $931 billion, or nearly one-third, from mid-March to mid-October, roughly the beginning of the COVID-19 pandemic, even as the U.S. economy was reeling from a huge spike in joblessness and a collapse in taxes collected, according to a new report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS).
TRUMP & BIDEN RECORDS & PLANS ON THE ECONOMY & TAXES
Even before COVID-19, Trump’s 2017 GOP tax law had failed to fulfill its promises, according to government and think tank data:
By comparison, Joe Biden will raise taxes only on the wealthy and corporations to invest in working families.
ECONOMIC RESPONSE TO THE PANDEMIC
TRUMP’S TAX DODGING, CAMPAIGN FINANCES & CONFLICTS OF INTEREST
A multi-part New York Times investigation of President Trump’s finances found he has almost completely dodged federal income taxes in this century through at least 2017; his businesses are in distress and he’s deeply in debt; he may have broken both tax and campaign-finance laws with a contribution to his 2016 campaign; and he’s been peddling access and favorable governmental action to patrons of his resorts and hotels. Trump’s chronic tax dodging proves the unfairness of the system: