Sparking warnings that the Republican Party is preparing another massive gift for the rich and corporations, the Washington Post reported Thursday that President Donald Trump is “agitating to announce a new tax cut proposal heading into the 2020 election.”
According to the Post, the tax cut discussions are being led by National Economic Council director Larry Kudlow, a “Wall Street cheerleader” and fervent believer in the discredited idea of trickle-down economics.
“The early-stage discussions reflect Trump’s desire to refocus the economic narrative amid some signs of a slowing economy,” the Post reported.
Fight for $15 tweeted in response to the Post‘s story that “Trump gave away over a trillion dollars in tax cuts to corporations and billionaires and economic growth slowed to a putter.”
“But they’re hoping to rob as much as they can from the state coffers while they have the chance,” the group tweeted, adding the hashtag #GOPTaxScam 2.0.
Trump gave away over a trillion dollars in tax cuts to corporations and billionaires and economic growth slowed to a putter. But they're hoping to rob as much as they can from the state coffers while they have the chance. #GOPTaxScam 2.0#FightFor15 https://t.co/pKVm6jjrGJ
— Fight For 15 (@fightfor15) October 31, 2019
Rep. Lloyd Doggett (D-Texas), a member of the Ways and Means Committee, warned that the push for a new round of tax cuts could be a ploy to divert attention from the impeachment process, which is rapidly gaining momentum in the House.
“I would expect this would just be another distraction from the fact that he’s about to be impeached,” Doggett told the Post.
The Trump administration’s latest effort to slash taxes comes as evidence continues to show the GOP’s 2017 tax law has not delivered on its stated promises, such as a boost in economic growth, pay raises for workers, deficit reduction, or a surge in business investment.
The law did, however, further enrich wealthy executives and large corporations, an outcome analysts and advocacy groups predicted from the outset.
“It was a scam the first time around,” said Sen. Chris Van Hollen (D-Md.). “Why would Trump think American workers would want another round of tax cuts for billionaires?”
Critics echoed Van Hollen on Twitter:
Worked out so well the first time – for the super-wealthy. Not so much for the rest of us. Now they're back for more? https://t.co/EEEYN4vI5M
— Charles Cooper (@coopeydoop) October 31, 2019
Realizing that their tax cuts for the wealthy and corporations “have failed to produce economic benefits or political gains for the GOP”…
Republicans are now planning…
(Wait for it…….)
MORE TAX CUTS FOR THE WEALTHY AND CORPORATIONS.https://t.co/J4xtarbNad
— Rebecca Vallas loves black cats the most (@rebeccavallas) October 31, 2019
As Trump pushes for more tax cuts ahead of the 2020 election, several Democratic presidential candidates are calling for the complete repeal of the GOP tax law to fund progressive priorities.
Sen. Elizabeth Warren’s (D-Mass.) climate plan, unveiled in September, would reverse the GOP tax cuts to help finance the transition to 100 percent renewable energy.
Last month, Sen. Bernie Sanders (I-Vt.) released a sweeping proposal to tackle economic inequality in the U.S. and put more power in the hands of workers. The plan, as Common Dreams reported, calls for rolling back “all of the disastrous corporate tax breaks enacted under Trump, closing corporate tax loopholes, and demanding that large corporations pay their fair share of taxes.”