October 22,2018

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Wyden: Trump Tax Fraud a Blueprint for Trump's Tax Law

Top Finance Committee Democrat outlines how Trump’s tax law is a giveaway for corporations and the wealthy, sets up cuts to America’s safety net and keeps the Trump Family tradition alive

Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released a report outlining the many ways Trump’s tax law encourages the wealthy to dodge taxes at the expense of middle-class families. A recent media investigation alleges that Donald Trump and his family spent decades defrauding taxpayers.

“While state authorities investigate Trump and his family’s alleged crimes, it has become even more obvious than ever that Trump’s tax law is a blueprint to enrich the fortunate and keep the Trump Family tradition alive,” said Wyden. “When the president’s donors and cronies aren’t paying their fair share, middle-class taxpayers get ripped off. With every new tax cheat is less money to fund Medicare, Medicaid and Social Security -- critical programs Republicans are already plotting to cut next year.”

Wyden’s report highlights how Trump’s tax law supercharges tax avoidance schemes for the most fortunate, spurs stock buybacks that benefit CEOs and foreign shareholders, and rewards multinational corporations that offshore jobs and stash income in tax havens.

The report goes on to point out how Trump’s tax law is another Trump family scam. Every time an investment goes south, or a business fails, Donald Trump manages to walk away flush with cash, leaving his investors, workers, and customers holding the bag. Last week Senate Republican leader Mitch McConnell doubled down on that commitment. After learning that the U.S. deficit ballooned to nearly $800 billion, due in large part to Trump’s corporate tax cuts, McConnell argued in favor of cutting Medicare and Social Security under the guise of “fiscal responsibility.”