“Others are at risk of losing food assistance and health insurance benefits” from the Republican Tax Law
Washington, DC – Trump and Republicans in Congress are helping the ultra-wealthy get even richer, while working families struggle to get by. That’s according to new NBC News reporting that highlights the impact of last year’s Republican Tax Law, which handed massive tax breaks to the top one percent and left working Americans even further behind.
According to the report, the wealthiest Americans could see millions of dollars in savings because of Republicans’ tax law. Meanwhile, working Americans are struggling to stay afloat as Republicans continue to raise their costs and cut critical programs that help families get by. President Trump and congressional Republicans promised to make life more affordable, only to shower billionaires and corporations with tax breaks that they paid for by making historic cuts to working families’ health care and food assistance. Even families who do receive larger tax refunds are having them offset by Republicans’ cost-raising policies, like tariffs.
“Republicans promised to lower costs for working Americans, but instead have raised their costs across the board to fund tax breaks for billionaires,” said Unrig Our Economy Campaign Director Leor Tal. “Instead of focusing on helping billionaires afford more yachts and private jets, Republicans should start prioritizing making life more affordable for the people they represent.”
NBC News: How Trump’s tax law boosts the wealthy and leaves behind some workers he promised to help
Key Points:
- The wealthiest households could see millions of dollars in savings with bigger tax benefits on everything from private jets to multimillion-dollar inheritances.
- For decades, tax policies have disproportionately benefited the richest households that make money from stocks, businesses and real estate, which are often taxed at a lower rate than salaries or hourly wages.
- Tax cuts enacted during Trump’s first term increased those benefits to the wealthy, and last summer’s changes made many of those tax cuts permanent.
- “We have the richest Americans who control massive amounts of the country’s wealth, who are literally able to opt out of the tax system entirely. Meanwhile, anybody who earns a salary is paying a lot of taxes,” said Ray Madoff, a professor at Boston College Law School who studies tax policy.
- That tax system has been one of the factors contributing to a growing divide between rich and poor in America, which is the largest it’s been in at least a generation and is growing.
- Trump’s policies, including those at the heart of his tax cuts, could contribute to that growing divide.
- For those who are getting a larger tax refund, some workers said the gains were offset by higher costs elsewhere, like gas, groceries and health care.
- Others are at risk of losing food assistance and health insurance benefits from new restrictions Trump and Congress included in the tax law to offset some of the lost federal revenue from the tax cuts.
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.