Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the Trump administration’s musings to respond to the COVID-19 health and economic crisis with tax cuts.
“President Trump is exploiting the current COVID-19 crisis to continue his drive to enrich the wealthiest and starve the public of resources that are essential to address escalating health and economic needs across the country. The White House is considering cuts to capital gains tax rates, which would primarily benefit the top 1 percent, and it is refusing to help states and localities pay for health care, first responders and education. This administration is always willing to increase the deficit with tax giveaways to the wealthiest, yet it balks at spending that could improve the health and economic wellbeing of communities across the nation. This deliberately misguided approach will exacerbate inequality, hurt the economy, and kneecap our health infrastructure, just when we need it most.”