Schakowsky Statement on President Trump's Tax Proposal
“Although President Trump’s tax plan was light on details, it was full of bad ideas. His plan would mean huge tax cuts for the ultra-wealthy and big corporations at the expense of working-class and middle-class Americans. Millionaires and billionaires would see their tax rates slashed, and multinational corporations would get a massive tax break on offshore profits.
“Cutting taxes for millionaires, billionaires, and large corporations by trillions of dollars leaves no revenue to invest in the middle class. This tax plan means fewer resources to sustain Medicare, invest in infrastructure, make college more affordable, and protect our environment. We need to build an economy that works for all Americans – not just President Trump and the Mar-a-Lago crowd.
“It’s clear that President Trump and his family would personally benefit from their proposed elimination of the alternative minimum tax and the estate tax. Exactly how much does this plan help the President? We won’t know for sure until he releases his tax returns.”