The 2024 Election is About the Rich Stealing From the Public – By Sonali KJolhatkar (Counterpunch) / March 12, 2024
There are many issues on the line this election year but one that gets little attention is former President Donald Trump’s 2017 tax reform law that cut taxes on the wealthiest Americans and corporations. The Tax Cuts and Jobs Act permanently reduced the tax rate for big corporations from an already-low 35 percent to a ridiculously minuscule 21 percent. It also lowered tax rates for the wealthiest people from nearly 40 percent to 37 percent. Several provisions of that law are set to expire in 2025, making this November’s Congressional and Presidential elections particularly critical to issues of economic fairness and justice.
A few months after Trump signed the bill, he boasted, “We have the biggest tax cut in history, bigger than the Reagan tax cut. Bigger than any tax cut.” It became a common refrain for him when touting his achievements. But, Trump, who was known for breaking all records on lying to the public while in office, conflated many different facts to come up with a positive-sounding falsehood in a nation already primed by the likes of Ronald Reagan and Bill Clinton to view taxation as anathema. Trump’s tax cuts as a whole were the eighth largest in history. But his corporate tax cut was in fact the single largest reduction ever in that category.
Wealthy corporations have for years lobbied for and won so many carve-outs and loopholes to the U.S. tax system, and hidden so much money in offshore tax havens that their pre-2017 effective tax rates were already far lower than the official rates. Then, Trump lowered them even more. Imagine telling the American public that you are responsible specifically for the biggest tax cuts to the biggest corporations in U.S. history. It wasn’t a good look. And so, he lied, saying that he signed history’s biggest tax cut overall.
