Washington, D.C. — Neera Tanden, president and CEO of the Center for American Progress, issued the following statement following the release of a tax framework jointly released by the Trump administration, the U.S. House Committee on Ways and Means, and the U.S. Senate Committee on Finance.
President Donald Trump claims to care about the middle class and workers, but his tax proposal almost exclusively benefits the wealthy. The plan would slash the top tax rate for millionaires—cutting their taxes by an average of $40,000 every year. It would cut the corporate tax rate nearly in half and cut the rate on overseas profits to zero—providing a huge windfall for large corporations, their shareholders, and CEOs. And it would carve out a giant new tax loophole for Donald Trump himself—cutting the top rate on “passthrough” income from 39.6 percent to 25 percent.
Congressional Republicans plan to pay for these cuts on the backs of working families by slashing programs such as Medicaid, Medicare, Social Security, as well as education funding. If Congress is serious about moving the economy forward, it would make corporations and the wealthiest among us pay their fair share and support direct investment in the communities suffering from job loss, as well as invest in our roads, bridges, and education.
Until then, this proposal will only hurt the very individuals it falsely claims to help.
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