(Washington, D.C.) Today, Trump Administration officials and Congressional Republicans released a tax framework to guide the majority party in writing tax legislation. Like earlier versions, the tax proposal features huge tax cuts for the wealthy and large corporations and is estimated to cost trillions over the next 10 years. The proposal is littered with giveaways to the richest Americans: It lowers the highest individual income tax rate, repeals the estate tax, slashes the corporate tax rate, and drops the rate on pass-through entities like hedge funds.
The following is a statement by Fatima Goss Graves, President and CEO of the National Women’s Law Center (NWLC):
“Make no mistake: this is a tax plan for the super-rich and corporations, not for working families. The President claims the proposal puts middle-income families first ‘tremendously,’ but it lowers the top individual tax rate for those making more than $418,400 and repeals the estate tax, which helps only the richest few among us. And to pay for massive tax cuts for the most wealthy, the administration and Republicans in Congress intend to gut vital programs and services—from health care to education to key programs that help families meet basic living standards. This plan should be dead on arrival. America deserves better.”
The National Women’s Law Center is a non-profit organization that has been working since 1972 to advance and protect women’s equality and opportunity. The Center focuses on major policy areas of importance to women and their families including economic security, education, employment and health, with special attention given to the concerns of low-income women. For more information on the Center, visit: www.nwlc.org.