Trump’s Plan to Cut Entitlements to Pay for Tax Cuts for the Rich: “Cruel”

Friday, March 06
For Immediate Release
Friday, March 6, 2020
Contact: Kelsea-Marie Pym
202-446-0489

 

Trump’s Plan to Cut Entitlements to Pay for Tax Cuts for the Rich: “Cruel”

“As GOP donors laugh all the way to the bank, GOP leadership calls for cuts to entitlements.”

Washington, DC – In a Fox News Town Hall yesterday, President Trump said that if elected to a second term, he would be open to making cuts to Social Security, Medicare, and other entitlements. In response, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, issued the following statement:

“Some out there might want to pretend they are surprised by President Trump’s reversal on entitlements, but to me it was patently unsurprising. This is straight out of the Republican playbook. First they passed the $2 trillion Tax Cuts and Jobs Act, giving a huge windfall to millionaires, billionaires, and special interests. Next, they play shocked that cutting taxes results in less tax revenue, and say that the only way to shrink the deficit that they caused is to cut vital services that millions of Americans rely on. As GOP donors laugh all the way to the bank, GOP leadership calls for cuts to services the American people need and have earned and have paid for. That’s just un-American.

When Republicans are cutting taxes for the rich they are allowed to change the deficit to whatever they want. When Democrats try to pass spending legislation, the deficit number is written in stone and cannot be changed. And when the Republicans decide to be ‘deficit hawks’ again and claim to worry about the increasing deficit, the only people they ask to sacrifice are the poor and needy. Tax cuts for the rich we can afford, but programs that give the poor and elderly healthcare are out of the question. This is textbook behavior, and it’s textbook cruel.”

For further comments or questions, please contact Kelsea-Marie Pym at [email protected]

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About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at https://patrioticmillionaires.org/about/

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at https://patrioticmillionaires.org/media

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