Foreign investors were big winners from Trump’s tax law

  Three years ago this month, President Donald Trump promised to enact a “pro-American tax reform.” But the tax overhaul that he signed into law late 2017 was anything but “pro-American.” In fact, as the Center for American Progress pointed out when the tax cut passed, some of its biggest winners were wealthy foreign investors. Recent estimates show that the Trump tax law has given larger tax cuts to foreign investors over the past three years than it has to middle- and working-class Americans in all of the states that Trump carried in 2016—combined.

Not in a million years: The House’s proposed windfall for donors

  Congressional proponents of the House Republicans’ tax plan, called the Tax Cuts and Jobs Act, claim that it will benefit the middle class. But in reality, it is a huge giveaway to the donor class—including a handful of top donors who have bankrolled the campaigns of Republican leaders in Congress. In fact, just the bill’s estate tax cuts alone would allow the families of 11 prominent donors, listed below, to pocket up to $67.5 billion. The typical U.S. family couldn’t earn that much in a million years.

  That’s not a figure of speech: The typical American family would have to work for 1,144,020 years to make the same amount of money as congressional majority leaders want to give away to the heirs of just these 11 wealthy individuals who helped them get elected.