To the Editor:
Trump has touted his “great economy” but who has benefitted? President Trump signed the Tax Cuts and Job Acts (TCJA) on Dec 22, 2017 making it one of only two legislative acts that his administration accomplished during the two years that Republicans held both a House and a Senate majority.
Why don’t he and his Republican allies talk about it as a major accomplishment?
Could it be that the 2017 Tax Bill included a massive corporate tax cut for U.S. based multinationals that manufacture overseas?
Could it be that the Tax Cut and Jobs Acts (TCJA) has encouraged offshoring of both paper profits and real production of U.S. multinational companies, including AT&T, Siemens and Nabisco?
Could it be that the TCJA also accelerated profit-shifting to off-shore tax havens, which now deprive the United States of roughly $100 billion in revenue each year?
Neither the American economy nor American workers benefit from the use of international tax havens to shield corporate income. Trump and his corporate special interest groups do.
Even before COVID-19 collapsed large segments of the economy, the manufacturing sector had entered a recession that the Trump administration trade wars with China escalated. The Trump administration’s failed tax policies have resulted in continued offshoring, including the net loss of nearly 1,800 factories and thousands of jobs between 2016 and 2018.
While Trump has been blowing off his own tax obligations Midwest workers have been losing good paying manufacturing jobs. We cannot tolerate another four years of the failed economic policies of this president.
President of the UEI-Communication Workers of America’s Industrial Division said recently, “President Trump talks the talk, but does not walk the walk on keeping jobs in America. The sad truth is that Trump has helped companies move jobs out of the United States. His tax bill gave companies a 50% off coupon for moving their money and jobs overseas.”
It’s time for a change. Vote now for Vice President Biden who is serious about reinvigorating American manufacturing and has a strong plan to create millions of new jobs to rebuild our economy (https://joebiden.com/clean-energy/)
Erin Salva
Mount Vernon, Ohio
