Just the Facts – TrumpTax Hurts Iowa

Image (1) progress-iowa.jpg for post 17381The following email was sent out Thursday following another campaign swing into Iowa by VP Mike Pence. Interestingly, this dovetails nicely with my previous post concerning what the Trump/Pence administration is doing to children.

In this email, Progress Iowa leader Matt Sinovic discusses how badly the administrations tax plan is misfiring in Iowa.

Trump and his supporters are bad – really bad – for Iowa

Dave,

Vice President Mike Pence was in Iowa today, touting the TrumpTax passed by Congress last year – with the help of Rod Blum, David Young, Steve King, Chuck Grassley, and Joni Ernst.

It’s a terrible tax plan, and every promise about it has been broken.

Republicans told us businesses would put that money into their people, but despite a few nice headlines to the contrary, stock buybacks have skyrocketed, lining the pockets of the already extremely wealthy. They promised wages would increase, but the opposite has happened. Real wages are down, due to increased inflation and a lack of investment in workers — despite productivity going up. People are working harder, and not seeing what they were promised by the TrumpTax. And we were told the TrumpTax would pay for itself, but that turned out to be flat wrong. Corporate tax revenue has dropped by 27%, and the government is taking in less money, while spending even more. That means more annual deficits, and a higher long term debt.

In short, corporate profits are up, wages are down, and we are burying ourselves in debt. I guess at least we have a Space Force? The Vice President, President, and Republicans in Congress want you to forget all of this, but these are the facts, and just the facts.

Below are even more facts about what has happened in Iowa since the TrumpTax was passed: jobs and health care lost, with working families left behind. Please share them and help spread the word about the disastrous impact this policy has had on our state.

Thanks for all you do,

Matt Sinovic

Progress Iowa

Key facts on the impacts of the TrumpTax in Iowa:

•This year, 3,485 workers have been notified of mass layoffs and plant closures in Iowa. (source: Iowa Workforce Development) NOTE: please scroll to the last 3 pages to see this year’s statistics)

125,400 Iowans will lose health insurance under the TrumpTax. (source: Center for American Progress)

•Nearly 1 in 4 Iowans will see a tax increase thanks to the TrumpTax when this law is fully phased in. (source: Institute on Taxation & Economic Policy)

•Next year, 188,020 Iowans will see no tax cut. (source: Institute on Taxation & Economic Policy)

About Dave Bradley

retired in West Liberty
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