Hiding Behind Trump’s Populist Tax Pitch Is Massive Handout to Big Donors
Washington, D.C. — Today at a planned speech in Missouri, President Trump is expected to give a populist pitch for his tax plan aimed at “unrigging” the economy, when really it is nothing more than a handout to his cronies, major donors, and big corporations, according to money-in-politics watchdog Every Voice.
“Look no further than the people and organizations promoting Trump’s tax proposal to know who it’ll serve: billionaires, Wall Street executives, and the country’s largest corporations,” said David Donnelly, president and CEO of Every Voice. “This isn’t about ‘unrigging’ the tax code—it’s about stacking the deck further in favor of Republican donors and cronies, at the expense of everyone else.”
Big-money interests have promoted Trump’s tax plan from the start. Treasury Secretary and former Trump campaign finance chair, Steve Mnuchin, this summer held an event with the Koch brothers network to begin selling the plan. Earlier this week, the U.S. Chamber of Commerce—a trade association of the country’s largest corporations—said it would support members of Congress to pass the proposal and work to oust members of Congress who get in the way. And the closed-door, invite-only event Trump is holding in Missouri today to sell the plan will be held at a business owned by a major Republican donor.
While details on Trump’s tax proposals are vague, Americans for Tax Fairness’ analysis of what has been offered so far shows the plan includes a $5 trillion giveaway that mostly benefits the wealthy and big corporations, essentially paid for by cuts to vital programs like Social Security, Medicare, and education. The wealthiest 1 percent of Americans will see an average tax cut of $175,000 a year, while a quarter of middle-class families would pay more.
“Trump and Republicans in Congress want to rig the rules so corporations and big donors pay less in taxes and ordinary Americans are left to deal with the consequences,” said Donnelly. “This is the price we pay when we allow big money to have an outsized say in our elections, instead of bringing more people into the process through small donor public financing to make our elected officials accountable to all of us, not just the wealthy few.”
Every Voice is a national organization fighting for a democracy that works for everyone.