A fight over extending provisions of Trump’s tax cuts is at stake in November’s election. Ultimately, the race is about money.

By Sonali Kolhatkar

There are many issues on the line this election year but one that gets little attention is former President Donald Trump’s 2017 tax reform law that cut taxes on the wealthiest Americans and corporations. The Tax Cuts and Jobs Act permanently reduced the tax rate for big corporations from an already-low 35 percent to a ridiculously minuscule 21 percent. It also lowered tax rates for the wealthiest people from nearly 40 percent to 37 percent. Several provisions of that law are set to expire in 2025, making this November’s Congressional and Presidential elections particularly critical to issues of economic fairness and justice.

A few months after Trump signed the bill, he boasted, “We have the biggest tax cut in history, bigger than the Reagan tax cut. Bigger than any tax cut.” It became a common refrain for him when touting his achievements. But, Trump, who was known for breaking all records on lying to the public while in office, conflated many different facts to come up with a positive-sounding falsehood in a nation already primed by the likes of Ronald Reagan and Bill Clinton to view taxation as anathema. Trump’s tax cuts as a whole were the eighth largest in history. But his corporate tax cut was in fact the single largest reduction ever in that category.

Wealthy corporations have for years lobbied for and won so many carve-outs and loopholes to the U.S. tax system, and hidden so much money in offshore tax havens that their pre-2017 effective tax rates were already far lower than the official rates. Then, Trump lowered them even more. Imagine telling the American public that you are responsible specifically for the biggest tax cuts to the biggest corporations in U.S. history. It wasn’t a good look. And so, he lied, saying that he signed history’s biggest tax cut overall.

In the simplest terms, taxes are a way to pool collective resources so we can have the things we all need for safety and security. Progressive taxation is when wealthier individuals (and corporations) are taxed at higher-than-average rates because the richer one is, the less excess money one needs beyond one’s basic necessities. Progressive taxation ensures that wealth inequality doesn’t spiral out of control and helps ensure money that’s being sucked upwards, gets redistributed downward. When wealthy elites pay fewer taxes, they are effectively stealing from the public.

Since the cuts have been in place, many studies have attempted to assess their impact on the U.S. economy. The Center on Budget and Policy Priorities concluded in a March 2024 report that “[t]ogether with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), [Trump’s] law has severely eroded our country’s revenue base.”

Trump’s law accelerated the draining of our collective revenues to fund the things we need. Even the fiscally conservative Peter G. Peterson Foundation concluded that, as a result of Trump’s law, “The United States collects fewer revenues from corporations, relative to the size of the economy, than most other advanced countries.”

Trump’s tax cuts were quite literally regressive, rewarding the already rich. A 2021 ProPublica report found that just one last-minute provision to the bill demanded by Senator Ron Johnson (R-WI) for so-called pass-through corporations benefited a handful of the wealthiest people in the nation: “just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.” It only cost about $20 million in bribes to Johnson (i.e., donations to the Senator’s reelection campaign) to enact this windfall.

It’s no wonder that the rich were thrilled with Trump’s presidency and that his virulent white supremacy and fascist leanings were not deal breakers.

It’s also unsurprising that wealthy elites are backing a second term for Trump. They want an extension of those tax bill provisions that are expiring in 2025, and perhaps an even bigger tax cut, if they can get it. If those provisions are left to expire, people making more than $400,000 a year—the top 2 percent of earners—will see an increase in taxation in 2025.

This is a demographic that is already prone to tax cheating given the IRS’s recent announcement that 125,000 Americans making between $400,000 and $1 million a year have simply refused to file taxes since 2017.

If the GOP wins control of the Senate and the House of Representatives this fall, and if Trump beats President Joe Biden, those cuts will become permanent. A GOP sweep in November will also usher in a new wave of threats to people of color, LGBTQ people, especially transgender communities, labor rights, and reproductive justice, as well as an escalation to the already-dire Israeli genocide in Gaza that Biden is fueling. It’s hard to believe but many Americans seem to have forgotten the horrors of 2016 to 2020.

But, at its heart, this election will be about money, for it will take a lot of money to fund the GOP’s reelection campaigns in order for moneyed forces to ensure they retain control of more money—democracy, justice, and equity be damned.

For Trump, this is even more important given his legal challenges. He’s relying on small-dollar donations from his base to cover his mounting legal fees and has had to post a $91 million bond to cover the fines he faces from a defamation lawsuit by E. Jean Carroll. The more desperate Trump gets in his bid to secure the White House, the more willing he and his party will be to sell the nation to the highest bidder. And, he will lie to the public by conflating tax cuts for the rich with tax cuts for all.

We ought to think of tax cuts in terms of public revenue theft. When the wealthy win lowered taxes, they are stealing money from the American public as a whole. As per the U.S. Senate Budget Committee, permanently extending Trump’s tax cuts will result in a loss of $3.5 trillion in revenues through the year 2033. That’s highway robbery.

There are many issues on the line this election year but one that gets little attention is former President Donald Trump’s 2017 tax reform law that cut taxes on the wealthiest Americans and corporations. The Tax Cuts and Jobs Act permanently reduced the tax rate for big corporations from an already-low 35 percent to a ridiculously minuscule 21 percent. It also lowered tax rates for the wealthiest people from nearly 40 percent to 37 percent. Several provisions of that law are set to expire in 2025, making this November’s Congressional and Presidential elections particularly critical to issues of economic fairness and justice.

A few months after Trump signed the bill, he boasted, “We have the biggest tax cut in history, bigger than the Reagan tax cut. Bigger than any tax cut.” It became a common refrain for him when touting his achievements. But, Trump, who was known for breaking all records on lying to the public while in office, conflated many different facts to come up with a positive-sounding falsehood in a nation already primed by the likes of Ronald Reagan and Bill Clinton to view taxation as anathema. Trump’s tax cuts as a whole were the eighth largest in history. But his corporate tax cut was in fact the single largest reduction ever in that category.

Wealthy corporations have for years lobbied for and won so many carve-outs and loopholes to the U.S. tax system, and hidden so much money in offshore tax havens that their pre-2017 effective tax rates were already far lower than the official rates. Then, Trump lowered them even more. Imagine telling the American public that you are responsible specifically for the biggest tax cuts to the biggest corporations in U.S. history. It wasn’t a good look. And so, he lied, saying that he signed history’s biggest tax cut overall.

In the simplest terms, taxes are a way to pool collective resources so we can have the things we all need for safety and security. Progressive taxation is when wealthier individuals (and corporations) are taxed at higher-than-average rates because the richer one is, the less excess money one needs beyond one’s basic necessities. Progressive taxation ensures that wealth inequality doesn’t spiral out of control and helps ensure money that’s being sucked upwards, gets redistributed downward. When wealthy elites pay fewer taxes, they are effectively stealing from the public.

Since the cuts have been in place, many studies have attempted to assess their impact on the U.S. economy. The Center on Budget and Policy Priorities concluded in a March 2024 report that “[t]ogether with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), [Trump’s] law has severely eroded our country’s revenue base.”

Trump’s law accelerated the draining of our collective revenues to fund the things we need. Even the fiscally conservative Peter G. Peterson Foundation concluded that, as a result of Trump’s law, “The United States collects fewer revenues from corporations, relative to the size of the economy, than most other advanced countries.”

Trump’s tax cuts were quite literally regressive, rewarding the already rich. A 2021 ProPublica report found that just one last-minute provision to the bill demanded by Senator Ron Johnson (R-WI) for so-called pass-through corporations benefited a handful of the wealthiest people in the nation: “just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.” It only cost about $20 million in bribes to Johnson (i.e., donations to the Senator’s reelection campaign) to enact this windfall.

It’s no wonder that the rich were thrilled with Trump’s presidency and that his virulent white supremacy and fascist leanings were not deal breakers.

It’s also unsurprising that wealthy elites are backing a second term for Trump. They want an extension of those tax bill provisions that are expiring in 2025, and perhaps an even bigger tax cut, if they can get it. If those provisions are left to expire, people making more than $400,000 a year—the top 2 percent of earners—will see an increase in taxation in 2025.

This is a demographic that is already prone to tax cheating given the IRS’s recent announcement that 125,000 Americans making between $400,000 and $1 million a year have simply refused to file taxes since 2017.

If the GOP wins control of the Senate and the House of Representatives this fall, and if Trump beats President Joe Biden, those cuts will become permanent. A GOP sweep in November will also usher in a new wave of threats to people of color, LGBTQ people, especially transgender communities, labor rights, and reproductive justice, as well as an escalation to the already-dire Israeli genocide in Gaza that Biden is fueling. It’s hard to believe but many Americans seem to have forgotten the horrors of 2016 to 2020.

But, at its heart, this election will be about money, for it will take a lot of money to fund the GOP’s reelection campaigns in order for moneyed forces to ensure they retain control of more money—democracy, justice, and equity be damned.

For Trump, this is even more important given his legal challenges. He’s relying on small-dollar donations from his base to cover his mounting legal fees and has had to post a $91 million bond to cover the fines he faces from a defamation lawsuit by E. Jean Carroll. The more desperate Trump gets in his bid to secure the White House, the more willing he and his party will be to sell the nation to the highest bidder. And, he will lie to the public by conflating tax cuts for the rich with tax cuts for all.

We ought to think of tax cuts in terms of public revenue theft. When the wealthy win lowered taxes, they are stealing money from the American public as a whole. As per the U.S. Senate Budget Committee, permanently extending Trump’s tax cuts will result in a loss of $3.5 trillion in revenues through the year 2033. That’s highway robbery.

Author Bio: Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her most recent book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

 This article was produced by Economy for All, a project of the Independent Media Institute.

The only way to steer American democracy to safety is to wrest money out of the claws of the wealthiest elites, who now control finances rivaling the economies of whole nations.

By Sonali Kolhatkar

As we count down toward the 2024 general election, we should expect to hear from media pundits about candidates and their viability, swing states and the electoral college, likely voters and poll results, and much more. Occasionally we may hear about some issues of importance. Most likely, we will hear little about the urgent need for wealth redistribution in the United States. Extreme inequality remains an invisible scourge underlying so much of what ails society and, even when discussed, is touted as an unavoidable and inevitable outcome of our economy.

However, there is abundant evidence that wealth inequality is the product of intentional design and the idea that what is good for billionaires is good for society. Nothing could be further from the truth.

The Switzerland-based global bank UBS just released its 2023 Billionaire Ambitions report and concluded, “For the first time in nine editions of the report, billionaires have accumulated more wealth through inheritance than entrepreneurship.” Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management said, “This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated [$5.2 trillion] to their children.”

That’s more than the economy of the entire United Kingdom. It’s more than the economies of Canada and Mexico combined.

The UBS report was not a critical one and hardly blinked an eye about the obscenity of wealth being hoarded in dynasties. About half of all billionaires around the world use UBS’s banking services, so the bank merely analyzed the investment habits of its most important clients. It did so candidly, referring to “the great wealth transfer” from one generation to the next, avoiding mention of the wealth transfer from the majority of the public to an elite minority.

The report also declared with pride that intent on “continuing the current family legacy, 60% of heirs want to enable future generations to benefit from their wealth.” Of course, they meant future generations of their own families, not in general.

But this wealth transfer is directly the result of tax codes written to benefit the uber-rich. ProPublica’s 2021 analysis of the tax returns of the richest Americans found that they paid an average of 3.4% in taxes, employing armies of lawyers to exploit every loophole carved out to offer special advantages to wealthy elites. Meanwhile, middle-class and working-class Americans pay double-digit tax rates. What this amounts to is collective theft from government revenues.

It’s time to reverse this trend by resorting to a concerted project of wealth redistribution. It’s time to wrest billions, if not trillions, out of the hands of billionaires and their heirs and pour it back where it belongs: to the rest of us.

Call it socialism—which is what the pro-rich rightwing GOP does—or call it progressive taxation, or economic justice. It doesn’t matter; the nation’s fiscal conservatives will demonize any ideas of wealth redistribution and will attempt to instill baseless fears of creeping communism, no matter what specific language we use around fairness. So, we might as well start spelling it out instead of trying to appease the right. After all, there’s a reason why conservatives and wealthy elites want the public to be afraid of socialism: they’re terrified that Americans might be thrilled to embrace policies such as wealth redistribution through taxation.

And if we need any more reasons to put a bullseye on billionaire wealth, it turns out they are vicious, dangerous fascists, whose children are an even more callous lot than their parents.

Billionaires don’t need the protections that democracy offers: earned benefits like Social Security or Medicare, access to free or affordable health care including abortion, labor and wage protections, and due process (they can buy the best legal help when they get in trouble).

In fact, democracy is a threat to their wealth hoarding, which is why they are backing the most dangerous demagogue to have ever occupied the White House: Donald Trump. Economic analyst and former U.S. Labor Secretary Robert Reich lists the numerous billionaires backing Trump for a second term and cites Trump’s promise to wealthy elites, that he plans to “root out the communists, Marxists, fascists and the radical-left thugs that live like vermin within the confines of our country.” Wealthy elites helped bring us Trump’s first term, and they’re itching for a second.

Why wouldn’t billionaires back fascism? It benefits them in ways democracy doesn’t. Indeed, billionaires exist as a design flaw in democracy. The greater the number of billionaires and the greater the wealth they hoard, the weaker the democracy that binds them.

Legislation like Senator Ron Wyden’s Billionaire Income Tax is what they fear if democracy trumps fascism. Wyden’s bill is so modest that it doesn’t target wealth, only income, and would affect fewer than 1,000 Americans, trimming off tiny slivers of their unprecedented hoardings, leaving them as fabulously wealthy as before. After all, is there a real difference between being worth $10 billion versus $9.9 billion?

As to the children of billionaires being worse than their parents, there is a small mention in the UBS report of how heirs of billionaires are far less philanthropic than first-generation billionaires: “while more than [two-thirds] (68%) of first-generation billionaires stated that following their philanthropic goals and making an impact on the world was a main objective of their legacy, less than a third (32%) of the inheriting generations did so.” One could conclude that empathy among children of the ultra-wealthy drops by half each generation. This could be a generation even more determined to fund and fuel fascism in order to protect their riches compared to their parents.

The wealthy are so secure in the protections they have from democratic curbs on their financial power that their biggest worries, as per the UBS report, include “geopolitical tensions,” inflation, recession, and higher interest rates. Fears around a “tight jobs market” and “stricter sustainability rules,” fall low on their list. In other words, they feel secure against threats of wage rebellions and government regulations.

And so, as we hurtle toward authoritarian aristocracy, we must normalize the idea of wealth redistribution. There is no good reason against it, not a single one. We can have either billionaires or democracy, not both.

Author Bio: Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her most recent book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

This article was produced by Economy for All, a project of the Independent Media Institute.

Slavery wasn’t so bad; white men are the real victims’: these are the messages that appear to stem from the right-wing war on history. It’s part of a bigger picture rooted in the politics of fear.

By Sonali Kolhatkar

Florida Governor Ron DeSantis is waging a war on history. The GOP’s aspiring presidential candidate saw how effectively Donald Trump tapped into white conservatives’ fears of demographic change and seems to want to use that same tactic to catapult himself into the White House. In 2021 and 2022, DeSantis championed the smugly named “Stop WOKE Act,” to undermine—try not to laugh—“woke indoctrination” and a “Marxist-inspired curriculum” in schools. To top that, the Florida Board of Education this summer released new standards for teaching history in middle schools that whitewash slavery and uplift white supremacist patriarchy.

Florida students will now potentially be exposed to instruction that claims, “slaves developed skills which, in some instances, could be applied for their personal benefit.” The standards also emphasize that “trading in slaves developed in African lands,” to remind students that it was not an American invention. Further, it covers “the practice of the Barbary Pirates in kidnapping Europeans and selling them into slavery in Muslim countries,” as well as, “how slavery was utilized in Asian cultures,” and “how slavery among indigenous peoples of the Americas was utilized prior to and after European colonization.”

In other words, American students of history will now be taught that slavery was so widespread that they surely can’t blame white American enslavers for engaging in what the rest of the world was doing, and that whites too, were victimized by the institution.

It’s an increasingly popular idea among conservative whites that they have historically been the victims, not the perpetrators of racial oppression.

The Florida Board of Education also approved the use of videos created by PragerU, an outfit named after its co-creator, the Christian fundamentalist talk show host Dennis Prager. It is instructive to note that Prager once said, “If you see the n-word on a dormitory building, the odds are overwhelming that a Black student actually did that,” because they are engaging in “race hoaxes… to show how racist the country is.”

Again, a popular idea among conservative whites is that racism is so nonexistent in the U.S. today that overt acts of racism are surely hoaxes meant to defame white Americans—the real victims.

One of the Florida board’s spokespeople justified approval of PragerU’s videos for use in schools, saying that “the material aligns to [sic] Florida’s revised civics and government standards.” PragerU describes its tools as “pro-American,” which is code for pro-white, pro-fundamentalist, pro-patriarchy.

In its videos, PragerU overtly promotes “Judeo-Christian values,” encourages women and girls to “embrace… [their] femininity,” and teaches boys to “embrace… [their] masculinity.” It upholds revisionist history claiming Thanksgiving arose from Indigenous Americans working in harmony with white settlers, puts words into the mouth of famed abolitionist Frederick Douglass to claim that slavery had to continue in order to “achieve something great: the making of the United States,” and spouts pro-police propaganda that attempts to discredit the racial justice uprisings of 2020.

When Florida’s Lieutenant-Governor Jeanette Núñez defended her state’s “Stop WOKE Act,” she claimed that it was about, “prioritizing education[,] not indoctrination.” But in a speech to the hate group Moms for Liberty, Prager said, “We bring doctrines to children. That’s a very fair statement… But what is the bad of our indoctrination?”

The effort to clamp down on education is spreading. Arkansas Governor Sarah Huckabee Sanders, who made a name for herself as Trump’s press secretary, has decided to use the DeSantis playbook in attacking the teaching of accurate history. Her state has decided that students will no longer receive credit for taking the AP African American history course because it violates the Literacy, Empowerment, Accountability, Readiness, Networking, and Safety (LEARNS) Act, which she promoted and signed into law earlier this year.

In defiance, every public school in the Little Rock school district announced it would continue to teach the AP course.

There is a harmful narrative that frames right-wing conservative thought, and it goes like this: “Intrepid white settlers discovered America, fought for its independence, and created the most powerful nation on earth. Now, uppity Black folks are asking for special treatment, illegals are cutting in line, and women and gays are threatening the natural order. We have to fight to preserve the sanctity of America against these predators.”

It’s a dangerous and powerful story, one that is rooted in the politics of fear. And it is an effective tool to rally voters to back regressive policies, laws, and candidates in the face of popular ideas of collectivism, of policies promoting equity to undo the damage of past and current racial and gender-based harms, of realizing the ideal of a multiracial democracy.

This fear-based story is the overarching framework for a reactionary backlash to the teaching of accurate history—precisely because such education has been so effective.

In my new book, Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights, 2023), I cite the example of Brittany Murphree, a white Republican college student who took a Critical Race Theory (CRT) course at the University of Mississippi School of Law. When Republican lawmakers in her state passed a bill banning the teaching of such history in K-12 schools, she wrote to her representatives, “To date, this course has been the most impactful and enlightening course I have taken throughout my entire undergraduate career and graduate education at the State of Mississippi’s flagship university.”

Murphree added, “The prohibition of courses and teachings such as these is taking away the opportunity for people from every background and race to come together and discuss very important topics which would otherwise go undiscussed.”

It’s no wonder that the far right has taken aim at CRT, ethnic studies, and the teaching of accurate history saying they promote biased thinking and indoctrination. Indeed, such curricula are biased—toward truth, justice, and pluralism, and they have the potential to change the way young Americans think about race.

Murphree and the eye-opening education she benefitted from represent the worst nightmare of Prager, DeSantis, and Trump. Her education offers a powerful de-programming of archaic ideology and promotes a promise of a pluralistic future—one where white men like them no longer have a monopoly on power.

Author: Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her most recent book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

This article was produced by Economy for All, a project of the Independent Media Institute.