FOR IMMEDIATE RELEASE
THURSDAY, DECEMBER 12, 2024
CONTACT: press@opportunitywisconsin.org
President-elect Trump: Grocery prices will stay up, corporate taxes will go down
President-elect Trump backs away from his promise to lower grocery prices while doubling down on his pledge to give more handouts to big corporations
MADISON, Wis. – Bad news for anyone tired of sticker shock at the grocery store: President-elect Donald Trump is already backing down from his promise to lower food prices. But if you’re a large, successful corporation, you can expect to keep more of your money with massive new tax cuts next year.
After months of promising quick action to lower costs, including at the grocery store, Trump revealed to Time this week, “It’s hard to bring things down once they’re up. You know, it’s very hard.” Trump’s admission comes as his proposed policies, including increasing tariffs, threaten to send grocery costs even higher. New tariffs would force families to pay more for cereal, vegetables, and other imported food items, and threaten Wisconsin’s agricultural economy by jeopardizing billions in export sales.
Trump had better news today for big corporations. While families are bracing for higher costs, Trump reassured large, successful companies that they’ll soon receive even more massive tax cuts. According to the Wall Street Journal, Trump told business leaders today that he wants to cut the corporate tax rate, adding “For those that are running the big companies, those great big beautiful companies, nobody is going to be leaving us.”
During his first term, Trump and congressional Republicans passed trillions in tax cuts that predominantly benefited the wealthiest Americans and big corporations, even allowing many successful companies to get away with paying nothing in federal taxes.
“President-elect Trump is making his priorities clear: If you’re a family trying to put food on the table, you’re going to keep paying more and your budget is going to be stretched thinner, but if you’re a large corporation, you’re getting even more handouts to increase your bottom line,” said Opportunity Wisconsin Program Director Meghan Roh. “Working families are tired of corporate price gouging and high costs for basic necessities. Wisconsin families, small businesses, and seniors deserve relief – that’s why Congress has to stand up to Trump’s plan and do what’s best for the people they represent.”
