Where Did Tax Benefits Trump Promised Average Americans Go? Straight to Big Oil, Big Pharma, and Their Crappy Insurance
Any tax cuts working families received this year after the Republican Party pushed through its tax law have likely been canceled out by higher costs of gas, healthcare, and other necessities, according to Americans for Tax Fairness (AFT), due to President Donald Trump’s policies.
The average American family is paying $420 more per year for fuel than they did before Trump entered office in January 2017, the group said this week, while Trump’s changes to the Affordable Care Act (ACA) will cost middle class households an average of $2,000 more in healthcare costs than they paid previously.
While traveling around the country selling their tax proposal, Republicans including Trump and House Speaker Paul Ryan (R-Wis.) promised an average tax cut of $1,182 for the average American family—far less than the rising costs of necessities.
As AFT executive director Frank Clemente noted, the wealthiest Americans are enjoying a $51,000 tax cut this year alone while working families see little benefit to the so-called Tax Cuts and Jobs Act.
“American families are seeing this tax cut law for what it is—a scam,” said Clemente in a statement. “It’s a handout to the wealthy and big corporations while many of us will see little or nothing, especially when rising gas prices and higher health insurance premiums are factored in.”
“Because of Trump’s costly policies, there will be fireworks for oil company profits this July Fourth at the expense of American consumers.” —Tyson Slocum, Public Citizen
Seventeen major oil and gas companies are saving $25 billion on their taxes this year, and four of the largest will get tax cuts of $15 billion over the next decade, according to AFT.
Public Citizen has also tied rising gas prices to a number of Trump’s policies, including his withdrawal from the Iran nuclear deal against the advice of international leaders, which promptly sent oil prices skyrocketing to their highest levels since 2014.
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