Tom Steyer Explains “Why Tax Cuts for the Rich Are Stupid” in a New Video

NextGen America and Inequality Media released a video featuring Tom Steyer explaining “why tax cuts for the rich are stupid” on September 27. Click here to watch the video.

SAN FRANCISCO — Following President Trump’s speech on tax cuts, NextGen America released a new video produced by Inequality Media to explain why tax cuts for the rich are wrong for America. The video, “Economics 101: Why Tax Cuts for the Rich are Stupid,” features NextGen America President Tom Steyer explaining why tax cuts for the wealthy do not benefit the country or working Americans.

“Let’s call Donald Trump’s tax cuts what they really are: a scheme that will fill the wallets of the rich at the expense of working families. This plan sells out working America for the President’s profit and the profit of his millionaire cronies,” said NextGen America President Tom Steyer. “The last thing Americans need is a tax code that further rigs the system in favor of corporations and gives another leg up to the top one percent. These tax cuts use the same ‘trickle-down’ lie that has left working families behind as corporate profits skyrocket and wages stagnate. These cuts won’t help American families — they would keep our country on a path to permanent economic inequality.

“I worked as a professional investor for many years, and I like to think my success was built on understanding our economy and how it works. We cannot build a stronger economy by cutting the taxes of the wealthy. We build one by investing directly in the American people through expanded infrastructure, clean energy, education, and health spending. That is how we create broad prosperity, rebuild the middle class, and give working families a fair shake,” continued Steyer. “Take it from me: tax breaks for the wealthy only help the wealthy. I don’t need a raise. But American families do.”

In the video, Steyer also highlights how tax cuts for the rich have exacerbated income inequality and calls for direct investment in working Americans in order to create an economy that works for everyone. This video follows Steyer’s appearance on CNBC where he called out the Trump Administration’s lies to the American people about who will benefit from their tax proposal.