The Trump/Republican tax cuts will play a crucial role in the 2018 midterms. Both Trump and the Republican leadership have made it clear they will run on their tax cuts, using them as the principle reason to justify their reelection.
Today, April 17, there will be over 100 Tax March rallies protesting the Republicans’ $1.5 trillion in tax cuts. Speakers will counter the false claims that Republicans have made about the benefits of their tax cuts. Iowa will have events in Des Moines and Waterloo, see below.
Republicans said that by February it would be obvious to the public that their tax bill is a great benefit to middle America. So far the public sees it differently. The latest Quinnipiac polling shows the Republican tax plan is losing rather than gaining support. In a March poll, 50% disapprove and only 29% approve. Democrats also plan on running on the huge Republican tax giveaway, but they plan to use it to hammer Republicans as a huge giveaway to the rich. Democrats have the facts on their side.
Democrats have been proven correct in their predictions that the Trump/Republican tax scam would be a huge gift to the wealthiest Americans. They correctly forecast that it would increase deficits and that it was a fiscally irresponsible budget buster. They accurately warned that corporations would use the windfall tax cuts to increase profits rather than hire workers.
Trump and the Republicans are attempting to spin their massive tax cuts to the wealthiest Americans as a benefit to middle income Americans. The facts contradict their claims of benefits going to the middle income Americans and the results are coming in about the remainder of their false claims.
Trump and the Republicans promised that corporations would spend their windfall tax cuts and overseas repatriations on new jobs and increased wages. Yet, in March J. P. Morgan reported, “that the S&P 500 companies will buy back a record $800 billion of their own shares in 2018, funded by savings on taxes…and the repatriation of cash held overseas.”
That will be a record 51% increase in buy backs from 2017. Buying back stocks increases profits, not workers’ salaries. Democrats predicted that corporations would use their tax windfalls to reward shareholders, instead of investing in new factories, increasing job creation or rewarding employees with higher salaries. The Democrats’ prediction is coming true to the detriment of workers and the middle class.
Republicans claim to be deficit hawks, but it appears only when Democrats are in power. The latest CBO report on the Trump/Republican tax cuts declares that GOP plan will balloon the deficit.
“As a result of recent policy changes, primarily the Trump administration’s tax reforms, deficits are going to be about $1.85 trillion bigger over 10 years than previously projected, a 17.5 percent increase above what they’d be without the law. If the law’s cuts were made permanent, then the deficit would instead add another $722 billion, for a total cost of about $2.6 trillion over 10 years,” the April 2018 CBO report said.
The Tax March website https://taxmarch.org gives dates, times and locations for all events. The website spells out the catastrophic consequences of the Trump/Republicans’ $1.5 trillion in tax cuts for billionaires and big corporations:
– 92 million middle-class families seeing tax hikes
– 83% of tax benefits from the Trump Tax going to the top 1%
– 53% of all Americans will get a tax increase
– 13 million Americans losing health care
– 0 tax returns from Trump
Rallies across the country include two in Iowa – Des Moines and Waterloo. The April 17th Des Moines and Waterloo rallies begin at 5:00 pm and will be at Cowles Commons (313 Walnut) in Des Moines and at Lincoln Park (401 E 4th St and Franklin St) in Waterloo. The Des Moines Tax March is hosted by Progress Iowa, Iowa Main Street Alliance, Iowa Citizens Action Network and the national Tax March organization.
Speakers at the Washington D.C. Tax March will include Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, Sen. Bernie Sanders, Sen. Chris Van Hollen and Rep. Maxine Waters among others.
by Rick Smith