As Nevadans file their taxes today, it should serve as a reminder of all of Donald Trump’s broken promises–from breaking decades of precedent by refusing to release his tax returns to ushering through the Tax Cuts and Jobs Act which overwhelmingly favored the ultra-wealthy and large corporations over everyday Americans.
When Trump and Republicans promised trickle-down economics would actually work this time by lifting up big businesses through drastic tax cuts, CEOs turned around and laid off hundreds of workers while enriching their wealthy shareholders. In Reno, Wells Fargo did exactly that–laying off hundreds of workers despite benefiting by the billions from Trump’s Tax Scam.
Following the passage of the Tax Cuts and Jobs Act, the top 1% of earners in Nevada were estimated to receive 41% of our state’s share of tax cuts. Trump said this legislation would “massively cut taxes for the middle class, the forgotten people” when, in fact, many low and middle-income Nevadans will likely see their taxes go up by 2027.
Trump’s economic policies have largely left hardworking families behind. His administration’s 2019 budget endangered Nevada’s tourism industry by advocating to end a tourism marketing program that had bipartisan support in Congress. Despite promising Nevadans he would stop corporations from outsourcing jobs, more than 200,000 jobs have been moved overseas since Trump took office.
Nevada State Democratic Party Chair William McCurdy II released the following statement:
“When it comes to Trump’s economic policies, wealthy shareholders and CEOs are winning and hardworking families are losing. While Trump and Republicans tried to sell the Tax Cuts and Jobs Act as a much-needed tax break for middle-class families, the reality was a windfall for Big Business and the top 1%. Under the Trump administration, income inequality has been exacerbated and workers have been left behind. As we top the nation in unemployment and are faced with the need to make devastating budget cuts to stay afloat, no one has felt the consequences of this global health crisis more than Nevadans. Trump’s economic policies did zero favors for Republicans on the ballot in 2018 and their lasting effect on everyday Americans will serve as a reminder for the desperate need for a president who will not only lead our country to recovery, but one who will ensure we have an economy that works for everyone.”