February 7, 2020/Media

With Trump in Charlotte Touting Tax Scam and Economic Policies That are “Windfall for the Rich,” Democrats Fight for the Middle Class

North Carolina Democratic Party Chairman Wayne Goodwin released the following statement ahead of President Trump’s visit to Charlotte to tout his administration’s “opportunity zones” and economic policies:

“President Trump and Washington Republicans passed a massive corporate tax giveaway to the wealthy few and big corporations, leaving middle class North Carolina families struggling to keep up with the rapidly rising cost of living. Even the policies he touts as helping low-income North Carolinians are in reality a massive windfall for the rich at the expense of working class North Carolinians and our communities of color. President Trump’s broken promises to North Carolinians mean the rich get richer while working families struggle to keep up.”

According to an in-depth analysis from the New York Times, the Trump administration’s “opportunity zone” policy is a “windfall for the rich” that “has fueled a wave of developments financed by and built for the wealthiest Americans” — including people connected to the President — and is a “once-in-a-generation bonanza for elite investors.”

In Charlotte, 17 neighborhoods have qualified as an “opportunity zone” yet according to local residents, those policies have “furthered segregation” and created “pockets of poverty.” One resident said “It’s not an opportunity for us,” while Mayor Vi Lyles has called the zones “a tax shelter for high-wealth individuals and trust funds.”

The 2017 tax law, which included the “opportunity zone” policy, has been “a lopsided giveaway to the corporate sector while offering negligible benefits for American workers” that exploded the deficit and, despite Republican promises, has not paid for itself.

At the end of the day, Donald Trump isn’t working for the best interests of everyday North Carolinians, he is much more focused on helping his wealthy and powerful friends and, of course, himself.

Read more about how the Trump administration’s broken promises on the economy have been a “windfall for the rich” at the expense of middle class families:

  • New York Times: How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich
  • Charlotte Observer: Trump tax break stirs interest in blighted parts of Charlotte. Who really benefits?
  • Charlotte Observer: White House defends opportunity zones ahead of Trump visit to Charlotte
  • The Hill: Treasury watchdog to investigate Trump opportunity zone program
  • Reuters: Republican tax cuts to fuel historic U.S. deficits: CBO
  • Washington Post: GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows
  • Associated Press: “The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will stay above $1 trillion for the next decade… the fiscal imbalance started to grow again after President Trump and Congress pushed through a massive tax cut in 2017 while ramping up spending.”
  • PolitiFact: “The Republican tax cuts trimmed a year of solvency from the primary Medicare trust fund and had a negative effect on the Social Security trust fund.”
  • New York Times: Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages
  • Vox: “the Republican tax law was a lopsided giveaway to the corporate sector while offering negligible benefits for American workers”
  • CNN: Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion
  • Washington Post: “The benefits promised by the bill’s supporters — higher rates of growth and business investment and a shrinking deficit — have largely failed to materialize”