Pence’s $10 million spending spree will help Trump campaign on tax cuts for the rich

Former Vice President Mike Pence, who is not endorsing Donald Trump, is spending $10 million in an effort to preserve the Trump tax cuts that largely benefitted ultra-wealthy millionaires and billionaires, which will help his ex-boss’s re-election efforts.

Advancing American Freedom, Pence’s political advocacy group, “is launching a $10 million campaign to push for an extension of the Trump-era tax cuts, which are set to expire next year and will likely play a key role in the 2024 election,” according to The Hill.

President Joe Biden has said he wants to eliminate Trump’s 2017 Tax Cuts and Jobs Act for those making over $400,000, NBC News reports The tax cuts have added $1 to $2 trillion dollars to the national debt.

“A CBO report in May estimated that extending the provisions of Trump’s Tax Cuts and Jobs Act would increase deficits by nearly $5 trillion into 2034,” the Associated Press reports, adding that Pence’s group is “press[ing] conservatives not to stray from the fight before the November election.”

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Pence’s group also “released a 13-page blueprint Thursday with arguments being made to Capitol Hill and to voters in swing states, particularly in those that could decide control of the Senate.”

“As of May 2020, the Tax Policy Center estimated the tax cuts would add between $1 and $2 trillion to the federal debt by 2025. The Center for American Progress estimated the bill will have cost roughly $1.7 trillion by the end of fiscal year 2023 on June 30,” according to a 2023 USA Today fact check on the Trump tax cuts.

“The benefits of the 2017 tax changes were overwhelmingly skewed toward the wealthy,” the Center for American Progress reported in April. It provided “the largest tax cuts to the very wealthy,” which “failed to trickle down to ordinary workers.”

“The most significant piece of legislation former President Donald Trump signed during his first term had a dramatic cut in the corporate tax rate from 35 percent to 21 percent as its centerpiece,” Center for American Progress Action reported last week in “Trump’s $50 Billion Tax Giveaway to the 100 Largest Corporations.”

“That corporate tax cut did not trickle down to ordinary workers but cost $1.3 trillion and helped fuel a record $1 trillion in stock buybacks the year after it passed.”

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