Credo Action

Tell Congress: No more corporate handouts

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Petition to Congress:

"Oppose Trump-Republican tax plans that give huge tax breaks to millionaires and wealthy corporations, while cutting Social Security, Medicare, Medicaid, education, medical research, Meals on Wheels and road repairs. We need real tax reform to make sure the wealthy and big corporations pay their fair share."

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    Tell Congress: No more corporate handouts

    Donald Trump and Republican leaders have unveiled a new tax plan that would give massive tax cuts to corporations, even though many already dodge taxes by hiding money overseas. According to one estimate, Trump himself would get a tax cut of more than $1.1 billion.1

    Yet a number of corporate Democrats are showing signs of capitulating to Trump. Sens. Heitkamp and Donnelly traveled with Trump to recent lie-filled North Dakota and Indiana tax speeches.3 And we are hearing from our friends in Washington that Sen. Claire McCaskill may be open to a massive corporate handout under the guise of tax reform as well. Her office also asserts that they expect she will meet with Trump “soon.”4

    Right now, as negotiations are ongoing and plans are in formation, we need to stiffen Democrats’ spines of and show Republicans what is in store for them if they go down this path.

    Tell Congress: No more corporate handouts.

    On top of it all, there is a chance Republicans will use a “fast track” process to pass tax cuts through budget reconciliation – which means they will only need 51 votes. That means a bare majority would let them slash taxes on the wealthy while defunding health care, the social safety net, education and medical research.5

    CREDO is joining with our friends at Americans for Tax Fairness and the progressive community to say that we will fiercely oppose any tax legislation unless it follows these basic principles:

    • No more tax cuts for the wealthy and big corporations. They should pay their fair share of taxes – a lot more than they pay now.

    • Invest those tax dollars in our country’s future – in public roads and transit systems, quality and affordable early childhood education, public schools and higher education, researching new medical cures, and ensuring a secure retirement for all of us by strengthening Social Security, Medicare and Medicaid.

    • Eliminate all tax breaks that encourage multinational corporations to shift jobs and profits offshore.

    • Require corporations pay the $750 billion they owe on their $2.6 trillion in offshore profits.6 Use the funds to rebuild roads and bridges, improve schools and create millions of good-paying jobs.

    Half of the Trump tax cuts would go to the richest 1%, while big corporations holding profits offshore would get a huge tax cut.7 Instead, we need to insist that any tax legislation includes “not one penny” in tax cuts for the wealthy and big corporations and instead makes them pay their fair share.

    Tell Congress: No more corporate handouts.

    CREDO’s position is that Congress must not take up tax legislation until Trump reveals his tax returns and Americans have a chance to see how he would profit from the toxic plans Republicans are pushing.

    But with Trump scheming up plans to give tax cuts to the super wealthy and big corporations and corporate Democrats listening, we need to show where Americans really stand.

    Tell Congress: No more corporate handouts.

    Thank you for speaking out.

    References:

    1. Jesse Drucker and Nadja Popovich, “Trump Could Save More Than $1 Billion Under His New Tax Plan,” The New York Times, Sept. 28, 2017.
    2. Scott Horsley, “Trump Dinner Menu: Tax Cuts,” NPR, Sept. 12, 2017 and Ashley Killough, "Democratic Sen. Joe Donnelly to fly to Indiana with Trump," CNN, Sept. 26, 2017.
    3. Chuck Raasch, “No McCaskill in Trump's tax-reform outreach to centrist Senate Democrats,” St. Louis Post Dispatch, Sept. 12, 2017.
    4. Seung Min Kim and Rachel Bade, “GOP clash looms over raising the debt ceiling,” POLITICO, Aug. 3, 2017.
    5. Americans for Tax Fairness, “Talking Points on Donald Trump’s Tax Plan,” April 5, 2017.
    6. Ibid.