S/V Sundance: This is obscene

Wednesday, June 12, 2024

This is obscene

Faith, while he was President, Trump passed a tax law that gave wealthy people and corporations $2 trillion in tax breaks. That's trillion — with a T.

This law allowed American billionaires to pay an average federal tax rate that's far less than what teachers, nurses, and everyday workers pay. And it allowed companies that made $40 billion in profits to pay zero in federal income taxes. Yep, zero.

But wait, there's more: According to new reporting from the Washington Post, as Trump is courting wealthy donors for his 2024 campaign, he's promising them even more tax handouts in return.

Giant corporations are going in on the deal, too, loading up Republican campaign accounts with cash with the expectation that they'll get even more tax cuts. And it just so happens that Trump's planned tax cuts would give the largest corporations an estimated $48 billion break.

This is obscene.

Look, I've fought my entire career to make our economy fairer for the middle class. I've learned that it's not too hard to answer who the government is looking out for. The answer is written in the tax code, and Republicans are making their answer loud and clear.

While Trump and the Republicans fight to make rich and powerful people and companies even more rich and powerful, I'll keep fighting alongside President Biden to get the wealthy and well-connected to pay a fair share — so we can expand opportunity for all.

We've already started to tackle this by passing my minimum tax on massive corporations that were paying $0 in taxes, and to provide more funding to the IRS to strengthen enforcement against corporations and wealthy tax cheats.

But there's still more we've got to do. I'm campaigning for my wealth tax on fortunes greater than $50 million — which would generate huge amounts of revenue totaling at least $3 trillion over a decade — as well as my plan to end lobbying as we know it so big money won't have so much power in Washington. President Biden has also proposed a minimum tax of 25% for billionaires — and he's proposed to increase my corporate minimum tax from 15% to 21%.

This would generate trillions of dollars for our country that would otherwise just stay in the pockets of billionaires and pump up big corporations' balance sheets.

Look: billionaire donors and corporate interests are spending big this year to try to elect Trump and his GOP allies in November — and reap big rewards for themselves in the years to come.

We can pass legislation to make the billionaires and corporations pay their fair share and reap big rewards for all of us in the years to come: Creating affordable child care and paid family leave, making investments in affordable housing and health care, funding our public schools and transportation...the list goes on.

They've got money and power. But the number of people that make up our grassroots movement is powerful, too. We can beat them if we fight side by side, one grassroots donation at a time, to pass this legislation that will make our economy fairer for the middle class.

I'm able to stay in these fights because supporters like you chip in whatever and whenever they can to strengthen our fight for these policies. Can you help grow our grassroots campaign and support my re-election with a donation of $28 or any amount?