Following the failure to overhaul healthcare, Trump is putting his tiny hands on taxes. On Wednesday his Administration released the contours of a plan that would, on its face, simplify a number things by reducing the number of tax brackets from seven to three, and eliminating a number of corporate tax breaks. But on closer inspection, it’s really a wolf in sheep’s clothing.
As the non-partisan Tax Policy Center’s report summarized Friday, the Republican plan would slash the corporate tax rate from 35% to 20% and balloon the deficit by $2.5 trillion over the next decade. While the rich would pay less - 50% of the savings benefit the top 1% - taxes for the middle class would rise. The biggest losers would be tens of millions of working-class who would experience the cuts on Medicaid, Medicare, and Social Security that would be needed to pay for the massive tax reductions for millionaires, billionaires, and wealthy corporations in the plan.
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