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Trump’s Going to Lie About Those Tax Cuts Tonight — Here’s the Truth

FOR IMMEDIATE RELEASE:
TUESDAY, FEBRUARY 4, 2020
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Trump’s Going to Lie About Those Tax Cuts Tonight — Here’s the Truth

Tonight, President Trump will give his annual State of the Union address to the nation, and you can bet your bottom dollar he’ll talk about how well the economy is doing under his leadership. We know the truth, though: Trump has spent every moment of his time in the Oval Office rigging the economy to line the pockets of his wealthy billionaire friends at the expense of everyday working Americans. There’s plenty of evidence, too:
  • Two top economists revealed that, for the first time in the past hundred years, the bottom half of all American earners today pay higher tax rates than billionaires, thanks to the Trump tax cuts.
  • Thanks to the Trump tax cuts, a whopping 91 corporations paid $0 in federal income taxes in 2018, including Amazon, Chevron, Halliburton and IBM. Meanwhile, 100 million Americans will see their taxes increase under the Trump tax law but have yet to see wages increase.
  • In just the first year of the new tax law, companies spent more than $1 trillion buying their own stocks — a move that used to be considered illegal stock manipulation — to reward their shareholders instead of their employees or consumers.
  • This landmark study told us that there were an additional 3.2 million people living in poverty in 2018 than we had previously known, and the real household income for the bottom 20 percent of earners actually declined by nearly 7 percent from 2004 to 2018.
  • The Trump-allied right-wing Fifth Circuit Court of Appeals threatened the health care of hundreds of millions of Americans, thanks to a loophole created by the Trump tax cuts.
Here’s the truth about the state of our union: Trump’s economic agenda is crushing working- and middle-class folks. He continues to pick our pockets to line the coffers of his billionaire friends and corporations, while falsely promising a better tomorrow for us every time.
Trump will use his pulpit to lie to the nation, but we live the truth every day. It’s time for lawmakers to repeal the disastrous Trump tax cuts for the wealthy, get the 1 percent to pay their share, and work to build an economy that works for everyone — not just Trump’s billionaire friends.
The following quote is from Tax March Campaign Director Dana Bye:
“Trump can lie about his ‘big wins’ until he goes blue in the face tonight — the fact remains that he has continuously prioritized the wealthy over working people, and the damage to our economy is undeniable. We are in dire need of a tax code that makes the rich and big corporations pay their fair share, and that starts with repealing the disastrous Trump tax cuts for the wealthy.”
To speak with a Tax March spokesperson about these or any related stories, please email [email protected] 
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