September, 28 2015, 03:45pm EDT
Trump Tax Plan Would Cost More than $10 Trillion Over 10 Years
WASHINGTON
Donald Trump released a tax plan today that is missing some details. But a preliminary analysis of the plan by Citizens for Tax Justice finds that it would cost more than $10 trillion in its first decade. The plan would reduce taxes on all income groups, but by far the biggest beneficiaries would be the very wealthy.
Following is a statement about the plan by Robert McIntyre, director of Citizens for Tax Justice:
"Yet another presidential candidate is making a mockery of populism by trumpeting a massive tax break for the rich as a plan that will benefit average Americans. The top one percent of Americans will receive an average tax break of $184,000 per year while the bottom 20 percent will receive an average tax cut of only $250.
"Trump claims the plan will be revenue neutral, but he has made bombastic exaggerations before and this time is no different. In fact, there is no possibility that this plan would not be a gigantic tax cut for the rich and a gigantic revenue loser for the government.
"Trump claims he will pay for the plan by closing tax loopholes for the rich. But in truth, his plan would expand loopholes for the rich and cut their tax rate by 40 percent. His plan also would cut the corporate tax from 35 to 15 percent, which also would mainly benefit the rich. And his plan repeals the estate tax, a tax that the very richest of the rich pay.
"The most widely-promoted tax hike in Trump's plan, closing the "carried interest loophole," would barely amount to a slap on the wrist for the hedge fund millionaires Trump says should pay more. The top tax rate on carried interest would increase only from the current 23.8 percent to 25 percent. Even this small tax hike would be dwarfed by the impact of dropping the top regular income tax rate from 39.6 percent to 25 percent on regular income.
"Trump has made many false claims about his tax plan. Of course, he's been known to say many other things that aren't true, too."
A table showing the likely effects of Trump's tax plan follows:
Citizens for Tax Justice, founded in 1979, is a 501 (c)(4) public interest research and advocacy organization focusing on federal, state and local tax policies and their impact upon our nation. CTJ's mission is to give ordinary people a greater voice in the development of tax laws.
LATEST NEWS
Sanders Says Paramount Deal With Trump Represents 'Dark Day for Independent Journalism'
"Trump is undermining our democracy and rapidly moving us towards authoritarianism, and the billionaires who care more about their stock portfolios than our democracy are helping him do it," said Sen. Bernie Sanders.
Jul 02, 2025
U.S. Sen. Bernie Sanders warned Wednesday that Paramount Global's decision to settle President Donald Trump's meritless lawsuit sets "an extremely dangerous precedent" that could further enable authoritarian attacks on press freedom.
"Paramount's decision will only embolden Trump to continue attacking, suing, and intimidating the media, which he has labeled 'the enemy of the people,'" Sanders (I-Vt.) said following news that Paramount agreed to pay $16 million to settle Trump's suit over the media organization's handling of a "60 Minutes" interview with Kamala Harris ahead of the 2024 election.
"It is a dark day for independent journalism and freedom of the press—an essential part of our democracy. It is a victory for a president who is attempting to stifle dissent and undermine American democracy," Sanders continued. "Make no mistake about it. Trump is undermining our democracy and rapidly moving us towards authoritarianism, and the billionaires who care more about their stock portfolios than our democracy are helping him do it."
The senator accused Paramount of caving to Trump to help grease the federal approval process for the company's pending merger with Skydance. As part of the deal, Paramount chair Shari Redstone agreed to sell her family's company, National Amusements—which controls nearly 80% of Paramount voting stock—for $2.4 billion.
"In other words," Sanders said Wednesday, "the Redstone family diminished the freedom of the press today in exchange for a $2.4 billion payday."
It is a dark day for freedom of the press. Paramount’s decision to settle with Trump will only embolden him to continue his attack on the media.
Trump is undermining our democracy and moving us towards authoritarianism, and the billionaires are helping him do it. pic.twitter.com/FwzW74xN0z
— Bernie Sanders (@SenSanders) July 2, 2025
Sen. Elizabeth Warren (D-Mass.) joined Sanders in condemning the settlement and called for a "full investigation into whether or not any anti-bribery laws were broken."
"The Trump administration's level of sheer corruption is appalling," said Warren, "and Paramount should be ashamed of putting its profits over independent journalism."
The Freedom of the Press Foundation (FPF), a Paramount shareholder that has threatened to sue the company if it settled the Trump suit, said Wednesday that the deal "will be remembered as one of the most shameful capitulations by the press to a president in history."
"Paramount's spineless decision to settle Trump's baseless and patently unconstitutional lawsuit is an insult to the journalists of '60 Minutes' and an invitation to Trump to continue targeting other news outlets," said Seth Stern, FPF's director of advocacy. "Each time a company cowers and surrenders to Trump's demands only emboldens him to do it again."
"But we are not done fighting," Stern said. "We've already filed a shareholder information demand and are sending a second demand today to uncover information about this decision. With that information, we will continue to pursue our legal options to stop this affront to Paramount shareholders, CBS journalists, and the First Amendment. Paramount directors should be held accountable, and we will do all we can to make that happen."
Keep ReadingShow Less
In Fiery Speech, Ocasio-Cortez Rips GOP Budget Bill as 'Deal With the Devil'
"It explodes our national debt, it militarizes our entire economy, and it strips away healthcare and basic dignity of the American people. For what? To give Elon Musk a tax break and billionaires the greedy taking of our nation."
Jul 02, 2025
U.S. Congresswoman Alexandria Ocasio-Cortez delivered a scathing condemnation of the GOP's budget reconciliation package—particularly its devastating cuts to Medicaid—in remarks on the House floor Wednesday as Republicans worked to send the legislation to President Donald Trump's desk.
"This bill is a deal with the devil," said Ocasio-Cortez (D-N.Y.). "It explodes our national debt, it militarizes our entire economy, and it strips away healthcare and basic dignity of the American people. For what? To give Elon Musk a tax break and billionaires the greedy taking of our nation. We cannot stand for it, and we will not support it."
"You should be ashamed," she added.
AOC: "On this point of tax on tips, as one of the only people in this body who has lived off of tips, I want to tell you a little bit about the scam ... the cap on that is $25,000 while you're jacking up taxes on people who make less than $50,000 across the US ... while kicking… pic.twitter.com/5VrEbJNnHl
— Aaron Rupar (@atrupar) July 2, 2025
Ocasio-Cortez expressed contempt for the Trump-backed Republican bill's proposed tax deduction for tips, which would be capped at $25,000 per year.
The New York Democrat argued the provision is effectively meaningless "while you're jacking up taxes on people who make less than $50,000 across the United States while taking away their [nutrition assistance], while taking away their Medicaid, while kicking them off of the [Affordable Care Act] and their healthcare extensions."
"So if you're at home and you're living off tips, you do the math," she added. "Is that worth it to you? Losing all your healthcare, not able to feed your babies, not being able to put a diaper on their bottom, in exchange for what?"
If approved, the Republican reconciliation bill would strip health coverage from at least 17 million Americans, according to expert estimates. That number includes the roughly 12 million who would lose coverage due to the bill's Medicaid cuts and millions more who would be left uninsured by the GOP's refusal to extend ACA subsidies that are set to expire at the end of the year.
"President Trump had issued some statements throughout this process saying and urging, insisting, that this bill does not cut Medicaid," Ocasio-Cortez said Wednesday. "President Trump, you're either being lied to or you are lying, because this bill represents... the largest and greatest loss of healthcare in American history."
Keep ReadingShow Less
'Matter of Life and Death': New Tracker Exposes Trump Regime's Attack on Disaster Preparedness
"It's only a matter of time before Trump and Musk's reckless assault on disaster response and preparedness kills people in the United States," said a researcher with government watchdog The Revolving Door Project.
Jul 02, 2025
President Donald Trump has openly stated his desire to dismantle the Federal Emergency Management Agency—a move that has left some experts fearful about how the United States will handle natural disasters such as hurricanes in the coming months.
The Revolving Door Project, a government watchdog group, has now put together a tracking tool to keep tabs on how much the administration's attacks on both FEMA and the National Oceanic and Atmospheric Administration have worsened the nation's disaster preparedness.
The tool has two components: An interactive map showing all of the state disaster aid requests that the Trump administration has outright denied or only partially approved and an interactive timeline documenting all of the times that the administration has undermined the functionality of America's disaster preparedness agencies through actions such as placing agency employees on administrative leave and disbanding key bodies such as FEMA's National Advisory Council and its National Dam Safety Review Board.
All of these disruptions and cuts, argued Revolving Door Project senior researcher Kenny Stancil, are likely to come back to bite America in a big way when another natural disaster strikes.
"It's only a matter of time before Trump and Musk's reckless assault on disaster response and preparedness kills people in the United States," he said in explaining the need for the initiative. "It nearly happened in mid-May in Kentucky, where a DOGE-damaged NWS forecast office had to scramble for staff before a tornado. Amid last week's heatwave, low-income households across the country were missing the federal support they need to keep the air conditioning on. And when a major hurricane arrives, Trump, Musk, OMB Director Russell Vought, Commerce Secretary Howard Lutnick, and DHS Secretary Kristi Noem will almost certainly have blood on their hands."
Revolving Door Project executive director Jeff Hauser issued a similarly dire warning about the administration's actions on U.S. disaster preparedness and he described the actions being taken by the administration as "a matter of life-and-death." He also accused the administration of "preventing forecasters and emergency managers at all levels from doing what is necessary to prepare for and respond to disasters."
Trump in the past has tried to use federal disaster relief money as a cudgel against his political opponents, such as when he threatened to withhold funding from California during catastrophic wildfires unless the state did a better job of "raking" its forests.
Keep ReadingShow Less
Most Popular