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“Tax reform” – that’s Trump for “tax cuts”

The tax reform debate is here.

As the top Democrat on the tax-writing Senate Finance Committee, I’ve been studying exactly what’s in Donald Trump’s plan. Here’s what you need to know:

Trump’s plan is a massive tax cut for millionaires, cutting taxes for the wealthy few by an average of $40,000 a year.

Trump would cut corporate taxes in half, and cut taxes on overseas profits to zero – rewarding companies that send jobs overseas.

His plan also includes a brand new tax loophole for high-flying non-corporate businesses like law firms, investment funds, and Donald Trump’s own real estate empire.

Trump would eliminate the estate tax, a huge personal benefit to his children – and millionaire heirs like them. (Remember, only estates over $11 million pay any estate tax.)

For middle-class families of 4 (or more), the elimination of the standard deduction means a big tax increase.

They’re even RAISING the tax rate on the poorest Americans – those making less than $9000 a year – from 10% to 12%.

Bottom line? This isn’t a tax reform plan. As Trump said, it’s a “giant, beautiful, massive, the biggest ever in our country, tax cut.”

It’s giant. It’s massive. But it’s only beautiful to Donald Trump, his children, his billionaire friends, multinational corporations, wealthy special interests, and their high-priced lobbyists.

For working Americans and for middle-class families, this tax plan is a disaster.

I'm in this fight – and I hope you will be, too. Stay tuned. We have work to do.

Posted on October 12, 2017.

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