As the Republican Study Committee pushes an extreme blueprint that would repeal the corporate minimum tax, DNC Rapid Response Director Alex Floyd released the following statement:

“After rigging the economy for the ultra-wealthy with disastrous tax giveaways, Donald Trump and his MAGA minions want to double down on their failed MAGAnomics agenda by giving giant corporations another tax handout. President Biden is running on an agenda to hold big corporations accountable for paying their fair share of taxes just like the rest of us, but Trump and MAGA Republicans would rather incentivize companies to ship American jobs overseas and let billionaires pay less in taxes than our middle class. Hardworking Americans will reject Trump and his ultra-wealthy corporate backers at the ballot box this November because they know our country cannot afford four more years of Trump’s failed MAGAnomics agenda.”

Donald Trump and his MAGA allies on the Republican Study Committee – which includes 80% of the House GOP – want to slash the corporate tax rate and repeal the corporate minimum tax that helps ensure big corporations can’t get away with paying nothing in federal income taxes.

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.”

Washington Post: “Trump has told allies that he is keenly interested in cutting corporate tax rates again … Three of Trump’s senior economic policy advisers also said privately that they see the corporate tax cut as an enormous success and believe it should be expanded in a second term.”

“Trump’s 2017 tax law cut the corporate rate from 35 percent to 21 percent, though Trump at the time wanted to lower it to 15 percent. … Asked by NBC about if he would cut the corporate tax rate to 15 percent, Trump said that he would ‘like to lower them a little bit if we could.’”

“Nonpartisan estimates have found that Trump’s tax cut added more than $2 trillion to the federal debt. In 2018, the richest 20 percent of taxpayers saw an average of $7,600 in savings from the 2017 tax law, compared with just $930 in savings for middle-income households, according to the Tax Policy Center, a nonpartisan think tank. Making the tax cuts permanent would cost $3 trillion, the center said in 2022. More than 60 percent of the benefits would go to the richest 20 percent of Americans, and more than 40 percent of the benefits to those earning above $400,000 annually.”

Trump has repeatedly doubled down on his promise to make permanent and extend his disastrous MAGAnomics tax giveaways for the ultra-wealthy.

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

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

Trump: “We will replace Biden’s tax hikes with the beautiful Trump tax cuts. You know, we have to extend the tax cuts.”

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: Report”

REMINDER: Trump’s 2017 MAGAnomics tax scam was a boon for corporations and the ultra-wealthy that left the middle class behind.

ITEP: “55 Corporations Paid $0 in Federal Taxes on 2020 Profits”

New York Times: “How Big Companies Won New Tax Breaks From the Trump Administration”

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: “Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

ProPublica: “In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.”

Trump also openly rooted for the economy to crash so it would benefit him politically — with no regard for how it would hurt hardworking families. 

Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”

Business Insider: “Trump says he hopes the US economy will crash within the next year to avoid being a ‘Herbert Hoover’”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”

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