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Trump's Sham Tax Plan

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Campaign finance reform advocates protest outside the Capitol building in Washington D.C., 2011. (Photo: takomabibelot/cc/flickr)

This week, the GOP and Trump announced the outlines of their tax plan, and it’s a horrible deal for America. The plan would shred revenues by at least $1.5 trillion over the next ten years [1] and result in a massive transfer of wealth to the 1%.

Luisa Galvao, Americans for Financial Reform

http://evergreenedigest.org/sites/default/files/Bribery_0.jpgSeptember 28, 2017 This week, the GOP and Trump announced the outlines of their tax plan, and it’s a horrible deal for America. The plan would shred revenues by at least $1.5 trillion over the next ten years [1] and result in a massive transfer of wealth to the 1%.

Instead of massive additional tax cuts for the Wall Street banks and billionaires that have predatory power over our economy and government, we should be closing loopholes and making sure Wall Street pays its fair share. This would allow us to fund schools, infrastructure, and emergency response. To achieve this, TAKE ON WALL STREET has a few ideas:

The Carried Interest Fairness Act of 2017, sponsored by Senator Tammy Baldwin of Wisconsin, doesn’t just close loopholes and raise revenue; it also puts a dent in the power of private equity firms to take advantage of  workers and investors.
• Putting in place a small tax on Wall Street trading would raise billions of dollars for the needs of ordinary families while helping to stop predatory high-frequency trading that destabilizes markets.
• The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (H.R. 399) ends tax advantages for giant CEO pay packages that encourage a short-term focus on manipulating stock prices.

http://evergreenedigest.org/sites/default/files/Take%20Action%20Today%20button_0.jpgWe need your help. Click here to send an email to your member of Congress to co-sponsor the TAKE ON WALL STREET tax bills!
Now is not the time to slash taxes for the wealthy, reducing revenues by nearly $1.5 trillion over ten years. Instead, we should be working to ensure that Wall Street fat cats are paying their fair share. We call on every member of Congress to co-sponsor and urge passage of the TAKE ON WALL STREET tax agenda.

Sources:
1. https://www.cbpp.org/research/federal-tax/senate-republicans-take-big-first-step-towards-15-trillion-revenue-losing-tax

Americans for Financial Reform brings together more than 200 organizations to work for a safer, simpler and fairer financial system – one that promotes a more equitable and sustainable economy instead of feeding inequality and risk.

Related:

Read these user-friendly columns on the major issues surrounding the tax system.

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