It’s Tax Day and advocates for fair taxation are sounding the alarm in Colorado on the negative impacts of the Trump tax cuts on Coloradans and urging serious caution against making them permanent. The potential consequences of such a move could have major impacts on hard working Colorado families, with cuts to vital services looming on the horizon.
During an online discussion (LINK HERE) hosted by Rocky Mountain Values, tax experts from Americans for Tax Fairness and Colorado Fiscal Institute highlighted the very real threat of cuts to Social Security and Medicare in order to pay for continued tax giveaways to the hyper-wealthy and corporations.
"The Trump tax cuts have been a disaster for working families in Colorado," said CFI Deputy Director Esther Turcios. "If Congress makes these cuts permanent, we'll see working families shouldering the burden of tax giveaways for the wealthy through cuts to the very services they rely on to make ends meet."
Since the implementation of the Trump tax cuts, corporations and the ultra-wealthy have been the primary beneficiaries, while adding trillions of dollars to the national debt. The looming threat of making these cuts permanent presents a clear danger to Colorado residents, who could see their Social Security, Medicare, education, and other essential services slashed to compensate for the tax breaks given to the rich and powerful.
The Republicans controlling the House of Representatives have already indicated their intent to pursue this agenda further, proposing budget and tax plans that prioritize tax breaks for the rich and corporations while slashing essential services. This "tax-cuts-for-the-rich" trickle-down agenda has historically failed working families, perpetuating income inequality and widening the wealth gap.In stark contrast, leaders in Colorado and across the nation have embraced a different approach to taxation, one that prioritizes investments in families and communities. Rejecting the failed trickle-down model, fair tax advocates have championed policies aimed at taxing the rich and corporations at a fair rate to fund initiatives that benefit all Americans.
"Over the past four years, we've seen an important shift towards a middle-out strategy that invests in hardworking families and communities," stated Maura Quint, Campaign Manager at ATF. "By raising taxes on the wealthiest individuals and corporations, we can fund critical programs that lower household costs, reduce national debt, and build a more inclusive economy."
Looking ahead, the current presidential administration has committed to an agenda of higher taxes on corporations, lower costs for working families, and reduced national debt. Plans have already been announced to enhance efforts to ensure billionaires and the largest corporations pay their fair share, with the revenue generated being reinvested into services that benefit all Americans.
"As we move forward, we must continue to fight for an economy that works for everyone, not just those at the top," said Katie Stewart, RMV Organizing Director. "By taxing the wealthy and corporations and investing in our communities, we can build a brighter future for all Colorado residents."
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