Republicans Vote to Dismantle the Vital Programs Working Families Need to Survive Trump’s Chaos Economy, Says Jacquez

Republicans Vote to Dismantle the Vital Programs Working Families Need to Survive Trump’s Chaos Economy, Says Jacquez

As President Trump continues to give consumers, workers, and businesses whiplash with his erratic economic policymaking, House Republicans voted today to defund Medicaid, food assistance, and other vital programs that millions of Americans rely on during economic downturns so the GOP can pass another round of tax breaks for the ultra-wealthy. Groundwork Collaborative’s Chief of Policy and Advocacy Alex Jacquez reacted with the following statement:

“The GOP should be focused on reining in Trump’s chaos economy. Instead, they just voted to dismantle the safety net that so many hard-working Americans will need to fall back on when businesses begin layoffs. They’re setting up working families for devastation, all so their billionaire donors can get another massive tax break.”

Adding to the Trump-manufactured chaos, a new report from Groundwork out today details how the 2017 Trump tax law emboldened companies to gouge consumers to enrich their shareholders. The report found that 11 major companies that produce essential goods, from groceries to toiletries, hiked prices on consumers despite paying 40% less in taxes since Trump’s first giveaway, allowing them to more than double their profits.

Email press@groundworkcollaborative.org to speak with a Groundwork expert about President Trump’s stewardship of the economy and taxes.

BACKGROUND

• Since the 2017 tax law went into effect, 11 corporations have raked in nearly $500 billion in profits and gave $463 billion to shareholders while paying just $140 billion in federal income taxes post-TCJA.
• Recent analysis from the Treasury Department found that on average, a full extension of Trump’s 2017 tax law would give the top 0.1% of Americans an extra $314,000 in the first year alone. Meanwhile, the 94 million families in the bottom half of the income distribution would get less than $1 a day.
• The TCJA gave the richest 0.1% of Americans a tax cut 277 times larger than what teachers, nurses, and other middle-class households received. In its first year alone, the TCJA gave 82 ultra-wealthy households $1 billion in total savings. Meanwhile, over one-third of taxpayers saw no changes in their taxes or faced a tax increase under the law.