The video also rebuts the president’s claim that U.S. corporations pay more in taxes than firms in other globally competitive countries. Because of all the loopholes in the U.S. tax code, government revenue from corporations is actually lower in the United States than the average for industrialized countries. And the new Republican plan gives very little detail on what loopholes they might close. At the same time, the plan offers huge new tax breaks to corporations, including allowing multinationals to pay little-to-no taxes on the profits they book offshore.
In short, Trump’s tax cuts would be like a rocket ship — but only for big corporations and the 1%. For ordinary Americans, it would mean deep cuts to Medicare, Society Security, and other services.
As he travels around the United States, let’s hope Trump hears from the majority of Americans who reject the “trickle down” theory that tax cuts grow the economy and create jobs. It’s time for the wealthy and big corporations to pay their fair share.