Tax Reform and Financial Regulations Strategy Guide Working families deserve an economy that works for everyone, not just the wealthy. For too long, big corporations and the rich have taken more than their fair share. Working America believes in a fair economy. We must oppose Trump’s tax plan and hold big corporations and Wall Street accountable.
State of Play President Trump’s tax-relief plan is really a massive $6 trillion giveaway mostly benefiting the wealthy and big corporations while it leaves working-class families to shoulder the burden through higher taxes and likely cuts to vital programs like Social Security, Medicare and Medicaid. 1 To add insult to injury, congressional Republicans also want to ease financial regulations to deepen the pockets of their rich friends.
Nearly nine million working-class families with children would be hit with higher taxes under Trump’s plan while millionaires and billionaires like Trump would get a $1.1 million tax cut each year. 2 Big U.S. corporations have $2.5 trillion in offshore profits that they haven’t paid taxes on. Corporations owe $700 billion on these taxes, but Trump wants to make them a deal, letting them pay only $150 billion—a fraction of what the owe. The “carried interest loophole” allows big-money hedge fund managers to pay less tax on part of their salary income, which costs taxpayers $1.5 billion a year. It’s time for Congress to close the loophole by passing the Carried Interest Fairness Act. 3 Too-big-to-fail banks were a key cause to the 2008 financial crisis. It’s time to separate risky Wall Street investing from our everyday commercial banking again by passing the 21st Century Glass-Steagall Act. 4
Working for Change The rules have been manipulated for far too long, and our economy is out of balance. It’s time to change the rules and create an economy that works for everyone. We can do this by opposing Trump’s tax plan and enacting commonsense financial regulations like the Carried Interest Fairness Act and the 21st Century Glass-Steagall Act. Let’s raise awareness by educating the public and calling on our elected officials to take a position on these matters. ● Write a letter to the editor opposing Trump’s tax plan and explain why financial regulation is needed, and push our elected officials to take a position on these issues. ○ How to write a letter to the editor and get it published ● Attend a town hall hosted by your representative and engage them on Tax and Financial Regulation issues.
Americans for Tax Fairness, Post, 2/28/17 Americans for Tax Fairness, Post, 2/28/17
Take on Wall Street, Post
Take on Wall Street, Post
○ How to find your representative’s next town hall ○ How to organize friends and neighbors to attend a town hall Call and tell your representative to support commonsense financial regulations and to oppose Trump’s tax plan. ○ How to call your representative ○ How to host a phone bank