Groundwork’s Lindsay Owens Reacts to Biden Tax Speech

Groundwork’s Lindsay Owens Reacts to Biden Tax Speech

Today, President Biden delivered a speech in Scranton, PA on the need for tax reform, stating, “Trickle-down economics failed the middle class – it failed America.” Groundwork Collaborative Executive Director Lindsay Owens reacted with the following statement:

“People know that corporations are bringing in all-time high profits and that we just added a bunch of new billionaires, while they continue to struggle with high costs. This wasn’t an accident, it was a deliberate result of Trump’s 2017 tax law.

“President Biden today laid out what Congress can do next year to undo the damage and create a tax code that works for everyday people.”

Email press@groundworkcollaborative.org to speak with a Groundwork expert about the upcoming 2025 tax fight. 

Background

• In a new video released yesterday, Lindsay Owens made the case to use the tax code to rein in corporate profits and prices. With many provisions of the Trump Tax Scam set to expire in 2025, this is an opportunity to rewrite the tax code to end giveaways to the wealthy and corporations, including those that incentivize corporate profiteering.
• We have clear evidence that the cuts failed to deliver on claims that they would primarily benefit workers and families. In 2025, the lowest quintile of earners will see a 0.4% increase in after-tax income while the top 5 percent will see a 3.2 to 2.9% increase, and billionaire wealth has nearly doubled since the Trump Tax Scam became law.
• Last week, the House Ways and Means Committee held a hearing on the Trump Tax Scam, where we heard that the House Republicans’ plan for the 2025 tax fight includes expanding giveaways for the wealthy and corporations.