DAY 97 ACTION: Oppose Trump’s Plan to Slash Corporate Taxes. BONUS: Learn what the minimum wage is in your state.
“[N]o business which depends for existence on paying less than living wages to its workers has any right to continue in this country.” – Franklin D. Roosevelt, 1933
When Reagan was President, the top corporate tax rate was 46% (for taxable income over $100,000). Today it is 35% (over $10m). Of course, companies often pay far less; last year 27 major U.S. firms paid no federal taxes, including GM. Still, corporate taxes provide substantial revenue for the U.S.
Today, Trump will unveil his new tax plan, which may propose lowering the top corporate tax rate to 15%. Analysis of a similar campaign proposal estimated Trump’s tax plan could add $7 trillion to the deficit over 10 years. (Others say $2.6 – $3.9t.)
How will we offset these cuts? Trump’s drastic budget cuts won’t pay for this. So some expect the tax plan to cut state tax deductions and the mortgage interest deduction – hiking taxes for many middle class families. Then there’s the matter of foreign governments holding U.S. debt.
Meanwhile, wages have stagnated since the 1970s. The federal minimum wage, which sets the floor for the country, was raised in 2009, to $7.25. 21 states just meet that standard. 29 states and DC have higher minimum wages – check here to see where your state falls. Minimum wage jobs are not just for teenagers – the average age of a minimum wage worker in the U.S. is 35.
Today’s Action: Call your member of Congress and tell them to oppose Trump’s tax plan!