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By Amanda Litvinov
U.S. House Speaker Paul Ryan and GOP Presidential candidate Donald Trump aren’t aligned on all the issues. But their tax proposals have a lot in common. Both plans:
- Slash income tax rates for corporations and the wealthy.
- Give a huge tax break to multinational corporations that have $2.4 trillion in untaxed profits stashed offshore, allowing them to pay just a fraction of the $700 billion in U.S. taxes they actually owe.
- Repeal the estate tax, which is designed to raise needed revenue and limit the accumulation of inherited fortunes at a time of growing wealth inequality.
- Lose trillions of dollars in revenue needed to maintain and expand investments in public education and other critical services that we all rely on.
Americans for Tax Fairness has a detailed comparison of the two plans.
These tax plans are not supported by the American people. According to a recent Gallup poll (April 6-10, 2016):
- 61% think upper-income people pay too little in taxes; just 15% say they pay too much.
- 67% think corporations pay too little; just 12% say they pay too much.
It’s time Congress supports what the public actually wants–strong public schools in every zip code and an economy that works for everyone.