Democratic Party - Democratic National Committee

10/01/2024 | Press release | Distributed by Public on 10/01/2024 21:25

JD Vance Backs Trump’s Project 2025 Tax Scam to Rig the Economy for the Ultra-Wealthy on the Backs of Working Families (Again) Arrow

Reminder: No matter what Vance says, Project 2025 is an "undeniably Trump-driven operation" with deep ties to the Trump-Vance ticket.

JD Vance backed Donald Trump's MAGAnomics tax scam that gave handouts to the ultra-wealthy at the expense of the middle class - and he's ready to help Trump take it even further with their Project 2025 agenda.

Vance on Trump's plan that would raise tariffs and raise costs for hardworking Americans: "This is a fascinating proposal and we could talk for a while about it."

Vance: "The left attacked Donald Trump for those tax cuts and said that they would actually make the deficit worseI think that we have a pretty common sense regulatory and tax agenda."

Trump: "You're all people that have a lot of money … You're rich as hell. … We're gonna give you tax cuts."

Bloomberg: "[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017."

Washington Post: "Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms."

Vanity Fair: "DonaldTrumpWants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report"

Project 2025: "The corporate income tax rate should be reduced to 18 percent."

FACT: Trump's disastrous economic policies allowed billionaires to pay less in taxes than the working class for the first time in American history.

Washington Post: "For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year"

Forbes: "Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018"

The Guardian: "Donald Trump's $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history."

New York Times: "How Big Companies Won New Tax Breaks From the Trump Administration"

Economic Policy Institute: "The TCJA overwhelmingly benefited the rich and corporations while overlooking working families"

Vox: "Trump said this tax break was for small businesses. It's giving $17 billion to millionaires this year"

CBS News: "Two years after Trump tax cuts, middle-class Americans are falling behind"

FACT: Trump's MAGAnomics tax scam created new incentives for companies to ship jobs overseas and earned him the worst jobs record in modern American history.

Bloomberg: "The Offshoring of U.S. Jobs Increased on Trump's Watch"

Fortune: "Trump to leave office with the worst jobs record since Herbert Hoover"

Washington Post: "Trump promised 'America First' would keep jobs here. But the tax plan might push them overseas."

The Guardian: "'He pulled the wool over our eyes': workers blame Trump for moving jobs overseas"

"Promises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump's 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions."

Reuters: "How offshoring rolled along under Trump, who vowed to stop it"

"Donald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn't stop them."

ITEP: "The Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore."

Washington Post: "President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative."

Bloomberg: "Trump's Jobs Record Fell Short of Promises Even Before the Virus"

USA Today: "Fact check: Chart of job growth by president shows historic unemployment under Trump"

Newsweek: "Trump Leaving Office With 3M Less Jobs Than When He Entered, Worst Record Since Depression"