Trump warned Americans they’d feel “pain” as a result of his economic agenda, and he was right about that at least. As he champions a disastrous tax plan that will devastate working families and put our economy on the verge of a “Trump recession,” Maryland Democratic Party Spokesperson Joe Francaviglia released the following statement:
“In less than 100 days since being sworn into office, Trump’s disastrous economic agenda has derailed our economy and plunged the country toward a recession. Now, Trump and congressional Republicans are pushing a tax scam that would give permanent tax handouts to the top 1% and mega corporations, while slashing Marylanders’ health care. Just like in his first term, Trump is making it clear he has no qualms with throwing working families under the bus in order to reward his billionaire backers Marylanders’ health care isn’t a piggy bank for Trump’s billionaire buddies. ”
Marylanders and Americans across the country are already hurting from Trump’s failed, recession-inducing economic agenda:
- Economists say a recession is more likely than not.
- As grocery prices increased by the most in over two years, 76% of Americans warned their incomes were not keeping up with inflation.
- 73% of Americans say they are “financially stressed” in Trump’s collapsing economy, and most say the economy and grocery costs are worse than a year ago. More companies filed for bankruptcy in the first three months of this year than in any first quarter since 2010.
Last week, Republicans in the House voted to push forward Trump’s tax scam that guts critical federal programs Maryland depend on in order to fund tax handouts to the top 1% and mega corporations.
Libbey Dean, NewsNation: “Budget blueprint PASSES House 216-214”
Trump: “It is IMPERATIVE that Republicans in the House pass the Tax Cut Bill, NOW! Our Country Will Boom!!!”
NBC News: “Senate Republicans released a new budget blueprint Wednesday that would pave the way for … making President Donald Trump’s 2017 tax cuts permanent.”
KFF: “Congress is currently targeting up to $880 billion or more in federal Medicaid spending reductions. The House passed a budget resolution instructing the House Energy & Commerce Committee (E&C) to reduce the federal deficit by at least $880 billion over 10 years. Although the budget resolution does not mention Medicaid, Medicaid comprises $8.2 trillion out of the $8.6 trillion in mandatory spending that E&C must use to come up with spending reductions (assuming Medicare cuts are off the table). As a result, major cuts to Medicaid are the only way to meet the House’s budget resolution required $880 billion (or more) in spending reductions.”
REMINDER: During Trump’s first term, his tax scam gave the richest 1 percent of Marylanders a tax cut while Marylanders in the bottom 80 percent of incomes received a tax hike.
CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”
The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”
Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”
Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”
ProPublica: “In the first year after Trump signed the legislation, just 82 ultra-wealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.”