Defeat Trump
Exposing Trump’s Payroll Tax Deferral as ‘Wage Theft,’ Treasury Signals Millions of Workers Will Earn Less in 2021 under plan
The plan is scheduled to go into effect September 1, and companies that take part will be required to collect the taxes their employees owe from the last four months of this year at the beginning of 2021—after the general election, which Trump hopes to win with claims that he's strengthened the economy and helped workers.
Workers barely benefited from Trump’s sweeping tax cut, investigation shows
Big companies drove Donald Trump’s tax cut law but refused to commit to any specific wage hikes for workers, despite repeated White House promises it would help employees, an investigation shows. The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all.
Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages
President Trump promised that his tax cut would encourage companies to invest in factories, workers and wages, setting off a spending spree that would reinvigorate the American economy. Companies have announced plans for some of those investments. But so far, companies are using much of the money for something with a more narrow benefit: buying their own shares.
Trump Tells Rich Mar-a-Lago Friends “You All Just Got a Lot Richer” After Tax Bill
President Donald Trump joined his family at their “Winter White House” for the holidays Friday night after signing the GOP tax bill into law, and reportedly told wealthy friends dining at Mar-a-Lago, “You all just got a lot richer.” When Trump signed $1.5 trillion tax overhaul into law, ultra-wealthy earners in the 95th to 99th percentile received the biggest tax cuts, even though the top 1 percent already holds about 40 percent of American wealth.
White House tries to defend Trump’s claim that he pays more under his tax plan. It’s a train wreck.
“Based on what we know, what little we know about [Trump’s] finances, he’d get a big cut on the AMT [Alternative Minimum Tax], I think he’d save something like $31 million. On pass-through income, he’d save $16.5 million, he’d obviously save a lot not paying the estate tax, his heirs would — so how can you say that this is not a plan that would help him?” a reporter asked.