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LINK Labor unions call for repeal of Trump tax cuts -- The Hill

By Tobias Burns - 05/21/24

Top U.S. labor unions are saying they’ve had enough of the Trump tax cuts and want them repealed.

Unions including the United Auto Workers (UAW), the AFL-CIO, the Service Employees International Union (SEIU), the Screen Actors Guild (SAG-AFTRA), and the National Education Association joined dozens of progressive groups on Tuesday in sending a letter to Congressional leaders that blasted the Trump cuts as unfairly designed and fiscally irresponsible.

The Trump tax law, known as the Tax Cuts and Jobs Act (TCJA), “made massive and permanent cuts to corporate taxes and temporary cuts to individual and estate taxes that have largely benefitted the wealthy and eroded tax revenues,” they wrote to Congressional leadership and the heads of the top tax-writing committees.

Individual provisions in the Trump tax cuts are set to expire next year and the 2024 election will determine whether they are renewed, modified or ditched altogether. The Congressional Budget Office (CBO) estimates that extending the individual cuts will cost $3.3 trillion through 2035.

But the unions, following the lead of some other progressive organizations, are saying they want to think beyond the will-they-won’t-they framework of the possible extensions and for the tax code to be overhauled.

“Tax reform must result in a more progressive tax code that asks higher-income and higher-wealth households, corporations, and Wall Street to pay a greater share of their income in tax than they would in the absence of the TCJA,” they said.

The Congressional Research Service (CRS) substantiated the union claims in 2019, finding that “the individual income tax cut largely went to higher-income individuals.”

The TCJA’s decrease in the corporate rate, which was dropped from 35 percent down to 21 percent, did not result in higher real wages for workers, which grew in 2018 by less than the overall growth in labor compensation.

“This … indicates that ordinary workers had very little growth in wage rates,” CRS determined.

One of the provisions set to expire next year is the inheritance and gift tax exemption regime, which was raised from $5.6 million to $11.8 million per individual. For 2024 the exemption is $13.61 million per individual or $27.22 million per married couple.

A reversion to previous levels “will result in a significant increase in the number of estates subject to federal estate tax and a higher estate tax liability for estates already subject to the estate tax,” according to an analysis by LPL Financial.

snytiger6 9 May 21
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Needless to say, that cannot happen with Republicans holding the House, the Senate or the Presidency. Considering the record of SCOTUS, it may not even be possible!! That is how corrupted we are now.

What makes you think the Dems are even interested in doing this, even tho the labor unions want it? Trump's tax cuts passed with plenty of Dem votes in congress, so they don't listen to the unions anymore, and haven't ever since Clinton led the DLC back in the 90s.

@TomMcGiverin
"Higher-income Republicans are much more likely than lower-income Republicans to say they pay more than their fair share in taxes, ..."
"Overall, 58% of the public says that tax rates on household income of more than $250,000 should be raised either a lot (22%) or a little (36%). "
"Seven-in-ten Democrats and Democratic leaners (71%) say these rates should be raised, including 31% who say they should be raised by a lot."
[pewresearch.org]

@racocn8 Doesn't seem to address my point. I'm talking about the leaders in the Dem Party, not rank and file members that might get polled in opinion surveys..

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The Trump tax cuts have only really helped the wealthy and have not done hardly anything for working people. For every working person who got a tax break, there was another working person who got a tax increase under the changes the Trump administration made. However every single rich person had their taxes cut. With the rich and wealthy there was no "robbing Peter to pay Paul".

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