Trump argued that the massive damage from the hurricanes means that wealthy Americans like himself should get a big tax cut.
With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before. Go Congress, go!
— Donald J. Trump (@realDonaldTrump) September 13, 2017(Continued Below)
The tax cuts and tax reform that are being discussed would overwhelmingly benefit Donald Trump. How big of a tax cut will Trump get? Since there is no information on his income due to his refusal to release his tax returns, it is estimated that Trump personally would get a tax cut worth millions of dollars. The Trump tax plan would boost the incomes of millionaires by at least 5% right off the top.
Giving people like Donald Trump a big tax cut is not going to do anything for the victims of Hurricanes Harvey and Irma. The tax cut for the wealthy will lower federal revenues and make it more difficult to pay for essential programs and spending like disaster relief.
Rich people aren’t going to take their tax cut and spend the money in the devastated areas of Texas and Florida. There is an abundance of data showing that when millionaires get tax cuts, they pocket that money and remove it from the economy. Republicans have been trying this strategy for 25 years, and the result is always the same. Economic and job growth weakens.
Trump would be depriving future victims of major storms of the funds needed to rebuild and recover because he gave himself and people like him a tax cut.
Using hurricane damage to argue for a tax cut is appalling, but 2017, it is just another day with Donald Trump as president.