By Lindsay Owens
As President Trump takes office, his Republican allies in Congress are already hard at work readying his legislative agenda.
Trump campaigned on a promise to lower costs for Americans. But so far, the GOP hasn’t proposed a single plan to do that. Instead, Republicans are laser-focused on passing another round of massive tax breaks for the ultra-wealthy and corporations.
It’s shaping up to be 2017 all over again.
Trump made a lot of promises on the campaign trail in 2016 too — and quickly broke most of them. But he did fulfill one: His 2017 Tax Cuts and Jobs Act, his only signature legislative accomplishment, was a field day for the oligarchs and CEOs who helped elect him.
That law delivered a tax cut for the richest 0.1 percent of Americans that was 277 times larger than the one teachers and firefighters got, nearly doubling billionaire wealth in this country and spiking inequality.
Meanwhile, corporations got a 40 percent discount on their taxes, which they used to send record stock buybacks to their wealthy shareholders and pad their profits while they overcharged consumers on everything from gas to groceries.
The bill never delivered the wage gains or economic growth Trump promised. But it did add $1.9 trillion to the deficit.
Key provisions of this tax scam expire next year. That would be welcome news for the vast majority of Americans, who are sick and tired of tax cuts for the wealthy. But Trump and his Republican colleagues are readying a supersized set of high-end tax breaks that would make his 2017 legislation look like child’s play.
Republicans plan to give the richest Americans a fresh round of individual tax breaks, slash the corporate tax rate yet again, and cut taxes on capital gains and dividends, which would let their Wall Street friends keep even more of their winnings when they sell a stock or are showered with dividends.
Then they’ll move to step two: draconian budget cuts for the programs Americans rely on.
GOP leaders will point to falling revenues from their own tax cuts as evidence for the need to cut spending on life-saving programs that families rely on, like Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which helps more than 42 million families afford their groceries.
In fact, Trump is putting unelected and unaccountable billionaires — Elon Musk and Vivek Ramaswamy — in charge of the “Department of Government Efficiency” (DOGE) to decide the painful cuts we’ll have to face. And surprise, surprise: They’re almost exclusively targeting programs that help working people, veterans, students, families, and other non-billionaires.
If Trump and the GOP get their way, we know exactly what to expect: income inequality will worsen, crucial government programs will be starved, and corporations and the ultra-wealthy will amass even more outsized power over our economy and democracy.
But we can learn something else from our experience in 2017. Democrats united in their opposition to Trump’s tax cuts for the wealthy, pushing Trump’s approval rating to the lowest point in his presidency and ousting supporters of his corporate tax cuts in the next year’s midterms.
Tax giveaways for the wealthy and corporations were deeply unpopular with voters in 2018 — and that’s only intensified after this recent wave of corporate price gouging that has squeezed American families. Lawmakers must make it as difficult as possible to enact this next tax giveaway.
This year, we need to make sure every single member of Congress understands that supporting Trump’s tax plans means turning their backs on working Americans.
Lindsay Owens is the Executive Director of Groundwork Action.
Endless dark money says
Our oligarchs need wage slaves.
Jeani Whitemoon Duarte says
It will let the poor establish riches through earning it.
Jackson says
They will bankrupt the country.
Half of the corporations pay no taxes now but they can afford to buy our congress.
Deborah Coffey says
Will they Fascists even allow a midterm election? And, if they do and they don’t like the outcome, won’t they just overturn it?
Dan says
Just some more democratic hogwash you guys like to spout off
Atwp says
Hope they will do it. Punish all the people who voted for the Repubs. Please Trump bring the country down. Cut all social programs, and make life hard for the middle class and the poor. You are the man Trump, you are the bad man, please ruin and bring this country down.
Al says
The winners walk out laughing the losers cry deal again. It’s simple math 10% of 1,000,000 is more than 10% of 100. All the same people who
cried and yelled about getting a higher minimum wage now cry they can’t afford things. The funny thing is they don’t mind using illegals or paying off the books to save a buck or two. The country has moved on and left you whiners behind, good luck but no one cares about your BS.
celia pugliese says
Lets see what will start happening in 2025. I can only hope and pray for the best for all Americans. Meanwhile “Ora Pro Nobis Sta Maria”
Jake From State Farm says
You have been spouting that it all ends when Hitler takes over in a few hours. What are you going to do when it doesn’t? What are you going to do when your BS does not come true?
Ed P says
It’s rather mathematically difficult to reduce taxes on all wage earners since 40.1 of households paid ZERO individual income tax.
john says
Corruption at the top only caring to help his billionaire friends, because they pay him off. He could give too craps about the poor or middle class, only when he wants their vote, no other time.
For those that voted for him, you will finally see the light in the coming weeks on the mistake you made re-electing him.
Jim says
This country voted for Donald Trump as the next president knowing everything that the author of this article states. If anyone is surprised that the Republicans are going to vote in another big tax cut for the rich and corporations, then they just are not paying attention.
While I am not at all happy with this action, I will say that it’s certainly not bothering me. Every person that voted for Trump deserves exactly what is coming. And, sadly, all the rest of us will just have to suffer along with them. If (when) the tax cuts result in cuts to Medicare, social security, SNAP, and countless other programs that help out those in this country who truly need it, so be it. You can’t pet a snake and be surprised when you get bit.
What I’m really wondering about Trump voters is this: If you voted for Trump to “Make America Great Again”, do you have any real expectations as to what that means? In one year, when prices on gas and food (and housing and…) have all gone up again, is this your version of MAGA? And I’m fine with the round up and expulsion of any and all undocumented immigrants currently in this country. MAGA folks can be proud of that when all these “desirable” jobs that these folks have taken go unfilled because most Americans will not do them. But maybe I’m wrong about that too; maybe a lot of Americans have been “standing back and standing by” waiting for this moment so they can jump in and take jobs like picking crops, janitorial and maid services, roofing houses and laying block for the homes I see going up. Right now, few of those I see doing those jobs look like long-time USA citizens but soon I’m sure those jobs will be filled with red-blooded American citizens (right?)! And, by the way, I am fine with expelling any and all criminals that have entered this country illegally. I’m fine with closing the border so tight that a butterfly can’t get from Mexico to the USA. Hell, build the wall – just make sure no illegals are used in it’s construction.
I do think there will be a tipping point where Americans will realize just how badly they are being ripped off and see the vast gap between the top one-percent vs. the rest of us. And when that finally happens, I’m glad I’m not in that one-percent. I really don’t think it’s going to turn out well. The murder of the health company CEO may well be the tip of the iceberg. I’m not advocating that kind of action but I’m a believer in history repeating itself so I won’t be surprised with the vast majority of Americans do wake up to their reality. Do we live in a country where everyone can work hard and get ahead now? Do we?
This is what America voted for and I can live with the results. It’s not the America I hoped to live in but it’s the America that we’ve got now.
Thomas Hutson says
King Trump’s Tax Plan
Oh, you say he is not a “King” he is President of the United States. Let’s just see based on what he said last night, the past few months, and just today during his inaugural address. He said he is going to take back the Suez Canal and rename the Gulf of Mexico. He is a convicted “FELON”, not going to support the Ban on “TikTok” a law just upheld by his minions on the Supreme Court. The King is going to release the convicted felons involved in their attempt to over throw the 2020 election. Hey no problem! This is the same guy that was going to build a beautiful border wall and Mexico was going to pay for it, didn’t happen, border is still open. The King is now going to “deport millions and millions of immigrants” his words. The King President said he does not need his buds in the house and senate, he is going to use executive power. King is going to solve the problems of the world today; hey this guy can walk on water and part the seas. Our New King President should remember he needs someone to remind him “WHO IS GOING TO TELL YOU.KING YOU HAVE NO CLOTHES”. Surely not his side kick the “Knuckle Dragger” or those hired in his image of sexual abuse, or “Mini MIGHT” leader of the house along with the mouth and his buddies. Then there is this guy in the senate that was a friend of a real Military Hero, not one that dodged military service because of heel spurs. This wannabe King President truly has a pair, calls our HEROES suckers and what was in it for them? Then shows up at the National Cemetery. He and his side kick have no shame, they placed a wreath at the tomb of the unknown soldiers. But hey enough said, he was duly elected President, strange there was no “TOURS” of the House or calls to kill the VICE- President. Now some of us have a goal to just survive the next 1,459 days of his B-S. Oh, he just might decide to abolish the constitution and stay in office, bet his minions on the supreme court would support him. But, under oath he said he would support and defend the Constitution! What a challenge we have, this is the best time to sit on the sidelines and watch all of these REDS supporters start crying, just like they are today about taxes, what did they think would happen with a new “BUD” like E.M. leading the way. Yep, going to be a great 1,459 days or may be just 719 days. Watching it all play out; how much are they willing to take before they admit they made a huge mistake? I truly hope you all listened to his inaugural speech, that was scary stuff!
Ed P says
ATWP
Maybe an introspective pause prior to finishing a post…..even if it is meant to be tongue in cheek. There is some shred of truth in all sarcasm. However,
You appear to be rooting for failure, against our country and every citizen and their families.
Love Trump or loathe him, he’s everyone 47th President and criticism is expected and even deserved.
Laurel says
Okay voters, here is a term you should start paying attention to, especially if you are retired, or near retirement: “Means Testing.” Means testing is a way for the government to slash the budget. The government will look at your assets, and determine that you have other means of income besides Social Security, such as a pension, and decide you don’t need your full qualification of monthly Social Security payment. It could be cut by 25%. Let’s say you have a savings, meant for your retirement. That may be considered. You may own your own house, or maybe even two or more houses. That could be considered as well. You have the means of other income.
Do you consider that fair? What if you are middle class, planned and saved all your life, paid into Social Security and Medicare all your working life, should that be a means to bring your retirement income down? To bring you to a lower income level as the price for living rises? When you are too old for working again? The very wealthy will not be hurt, they don’t need income insurance. When asked if she had insurance, Ivonka Trump stated “No, thank God!” Trump is also planning to cut taxes for the wealthy further than he did last time, and it is the programs like Social Security and Medicare that will be considered. Again, the middle class is drained.
So this to me sounds like a punishment. President Biden wanted to forgive school loans, and though they were often predatory I did not agree with this as it punishes those who paid off their loans. So, if the upcoming Trump government (or any future governments) activates means testing, it too will punish those who worked, saved and planned for their retirements.
Republican or Democrat, do not let this happen. Pay attention! These programs can be salvaged, and without giving them to private investment companies or slash the American workers retirements.
Whathehck? says
You are right Ed P and my 3 month old grandson is part of these 40.1% of people (not household). Don’t forget our looser military personnel who are not paying taxes while in combat, what about the great deductions our disabled veterans get, you know those “Why do you bring people like that here? No one wants to see that, the wounded,”
I am patiently waiting for your comments a couple of years from now.
Callmeishmael says
You lost me at Suez Canal. . .
Pogo says
@Jim
Very well said; Robespierre returns.
https://www.google.com/search?q=Robespierre
“Apres moi, le deluge”
— Louis XV of France
For anyone’s consideration — do as you will.
As stated
https://www.goodreads.com/work/quotes/154445-reflections-on-the-revolution-in-france
More is more
https://www.google.com/search?q=edmund+burke
Laurel says
Yeah, he lost me at “grab ’em by the pussy.” Trump states all kinds of distracting crap while he steals right in front of us. IMO.
Ed P says
What the heck,
It is 40.1% of households, not individuals that did not pay any federal income tax in 2022 and 2023. In fact due to earned tax credits, some were refunded more than they paid in. I don’t make up the tax codes, I was pointing out the fact that households earning under our country’s median income(about 50k) do not effectively pay federal income tax. They don’t.
So should the Trump administration be sending out checks to these families to balance the injustices you believe exist?
Also to those that use Medicare and social security cuts as a scare tactic, it feels like misinformation.
Social security has never been cut, but full retirement age has been increased.
Have any of my fellow posters gone to their own personal social security page and ferreted out just how much THEY paid in and compared it to how much you will be paid over a healthy long retirement? Remembe , you only paid in 6.2 per cent and employer paid other 6.2 per cent. Many low to midrange income earners will exhaust their “payments” into the fund before death. Additionally, some high income wage earners will never receive back enough benefits to retrieve what they paid in not to mention the investment loss by having the government manage the funds.
Do not ignore, it’s not just retirees, but for the disabled, survivors of deceased workers, and dependent spouses and children of beneficiaries. It was never meant to be a retirement program.it was never designed to be the sole source of income in retirement. Hence Social Security.
The simple fact is that social security is paying out more than they take in. Why else is potential solvency an issue? Ask yourself if the reasons matter.
If insolvency becomes a reality, do you charge the working poor more or cut the retired poor some. Should taxpayers be responsible? It’s a real conundrum.
Quit using sound bites, headlines, and half truths. A deeper dive isn’t difficult.
Jim says
Laurel says, I share your concerns about means testing as a potential way to justify cutting social security benefits. However, I don’t think even Trump has the stomach for the backlash that would come from such a move.
Consider: Worked an entire career, currently taking social security payments. Did a good job of saving money, paying off loans, owns their house, has a retirement account. And did all that on the basis of the government saying “you’ll pay into social security for your entire career (as will your employer) and, when you finally retire, you’ll get this estimated amount of money per month for the rest of your life”. So you did what was required (not an option!) and now payment is due. So, if the government comes along now and says “hey, sorry, we need that social security money and we see you’ve done pretty well anyway so we’re taking “x” percent from you. But, for those your age who didn’t save, who spent their earning as fast as the got it, we’re leaving them alone. Just you and those who worked hard to prepare for life after working are going to be penalized”.
If this scenario actually comes into reality, I’d really hate to be any politician who is supporting that stance. They’d better get some armed guards to go everywhere with them! And I don’t think that would be enough. There’s a saying I’ve heard a long time ago that you can kill someone’s family member and they may let you go but when you f— with someone’s money, they may well kill you! Over time, I’ve seen enough to know there’s a lot of truth to that. Messing with social security is probably one of the quickest ways to trigger a revolution in this country. I don’t think even these guys are that stupid (could be wrong!).
And what do they do with those currently working and paying social security? What do you tell them? Whatever BS you say, no one is going to believe you.
I think we need to pay attention and be vigilant but I really don’t think even these guys can pull this off!
Joey G says
So are you people for real here? I have been in construction all my life now 64. The wife and I have managed to save up money during the last 40 years. We started INVESTING many years ago a little at a time. Do you people not do that, none of you? I have the skills and built my home out of pocket 23 years ago. So no mortgage and still at the time working in construction. We never made over 80k a year. Over the years I have invested in annuities and the stock market. I now collect the dividends every month and also pull the interest only from my annuities. Your telling me that the average Joe does not have any money saved up. I see some real fancy homes along with cars and trucks in this little town and no one has any money. That’s a bunch of BS. People are still installing 70k pools and buying 400k+ homes. So I am not working on wallstreet and I have to pay a large chunk when I sell some stock. People working that have 403b are also in the stock market and saving for retirement. Tell me no one puts money in IRA’s that again invest your money in the market. How about that small pizza joint that make 1 million a year this cuts for you. Or the landscaper, tree cutter concrete company that employs 5 people. Yea think about them when it comes to tax cuts cause they will be getting it people.
Jake From State Farm says
I was lost way before Biden said I won’t pardon Hunter and so many other lies.
Laurel says
You assume no one dives deeper.
“You might have recently read a report in the media that average life expectancy in the United States is 77.5 years for men and women combined. According to that report, life expectancy is 80.2 years for women and 74.8 years for men.
However, it would be a mistake for pre-retirees and retirees to base their retirement planning on these numbers. The reason is that published life expectances are calculated from birth and take into account everybody who dies in childhood and adulthood.
Instead of focusing on these numbers, pre-retirees and retirees should consider their remaining life expectancy given their current age. After all, anybody who survives to their 50s and 60s is in a more exclusive “longevity club” compared to everyone who’s born.” – Forbes
According to this, people should plan better. The average person collecting Social Security does so for approximately 12-15 years, and could be longer, but they are the smaller group of life survivors actually collecting. Yet everyone who works (with some government exemptions) pays into it all their working lives. We spend about a third of our lives working. Many will not collect, or collect for a short period of time, due to an early demise. My husband and I have to sign and notarize paperwork stating we are still alive about every two years for our pensions.
Also, you did mention the fact that our employers paid into (matched) Social Security and Medicare. This, too, was for all our working lives.
You are correct that Social Security was not meant to be the only source of retirement income. My husband has preached to me, several times over the years, about the “three legged stool”: Social Security, pension and investment/savings. This should be taught to school age Americans, but it isn’t.
Baby boomers were the blip upward in the collection process. Many lost faith in the government’s ability to provide what was promised, and starting collecting early. This, too, will change with time.
Too bad corporations have snowed the public with the faulty 401K plan and cut back, or eliminated pensions, with the intention of corporate profits, and private retirement plans instead of pensions. Where we worked, the head honchos tried to pull that one on the employees, but the employees would not have it. The employer did manage to reduce the pensions for those who came later. I’m sure they got a pat on the back.
Social Security and Medicare can be repaired. Economists have calculated that if an employee, and his/her employer matched another $0.07 to $0.10 per hour, the system would continue to work. Instead, we have been acclimated to believe that the system will no longer be solvent and will need to be replaced with private investment advisors.
Meanwhile, you can hear about “means testing” on money shows. I don’t listen to political hack shows. Or, you can find it here: https://en.wikipedia.org/wiki/Means_test
Laurel says
Jim: I honestly hope you are correct! Yes, there will be backlash, but look at all the normalizing of craziness just so far. We have a felon for a President of the United States, who just pardoned 1,600 convicted criminals who tried to overthrow our government, attacked police and literally crapped on the floor of our Capital! People died and who is in jail? We have a Supreme Court who has stated our President can basically get away with anything, while in office. I could go on for hours on how corrupt it has become, but you already know. You also already know how people will back this devil of a person, no matter what. You know that the corporations get what they want with their super PACS and heavy lobbying.
As for the younger workers, what do we tell them? They have already been told, falsely, and believe, that there will be nothing there for them. Go ask any of them, and they will tell you they are not counting on SS or Medicare. That’s just plain wrong!
Look into means tests. The oligarchs are not on the Presidential stage, or in the President’s ear, for our well being.
Ed P says
So we should “punish” our children and grandchildren with about 1/2 percent increase on their lifetime wages. They would then do the same to their children? 12.4% currently, 13.5% now to fix and how much later?
Many Gen x, millennials, Gen z, and Gen alpha already believe boomers skewed them. Can’t just kick the can down the road, sooner or later the road ends.
A real conundrum.
Joe D says
For Joey G:
Sadly, much of what you are saying is TRUE. LOTS of people spent money as fast as they earned it (faster sometimes with credit cards).
Fancy cars, designer clothes, big houses, exotic trips, entertainment (not everyone, but quite a few)…so The idea of “living simply” never hit them, so no, many have little or no savings, no investments, and with the replacement of most pensions with 401k employer “matching” contributions up to $3,000 or $5, 000 per year IF YOU PUT AWAY THE SAME AMOUNT…didn’t happen !!! Most people didn’t, or certainly didn’t put away enough.
Social Security was intended to replace only 50%-60% of your working salary! You were supposed to put away, or cut down expenses to make up the other 40%-50%… I ALMOST did it, but increasing food corporation PRICE GOUGING blamed on “increased costs” and insane interest rate hikes undid my plan.
Robert Barney says
Back the blue or make law enforcement officers BLACK and BLUE,I hope you trump voters are happy now that the guilty pleaded criminals have been freed.The men/women who protect this disgusting liar/convicted felon are probably questioning their career choices.
Laurel says
Yes! A loaf of bread no longer costs a dollar. A new car no longer costs 4K. A house no longer costs 17K. This I have seen I my lifetime, and it won’t go back.
Millennials, and Gen Z, have been lied to for the further separation of Americans.