Trump 's tax cuts framed as tax reform are out today. It is a corporate giveaway with a fig leaf for the middle-class and of course, no real policies for the poor. Striking is that all personal deductions except mortgage and charitable deductions are gone.
Tax cuts for the wealthy hurts us all
MSNBC Hosts Ali Velshi & Stephanie Ruhle and Washington Post Opinion Columnist Catherine Rampell discussed the Trump tax plan right after its unveiling. They concluded that those selling it are lying and that it will do nothing to create jobs.
Remember the following.
- Lowering the tax rate on both corporations and personal businesses is a huge tax giveaway to whom? Trump and his wealthy ilk. These are tax cuts that benefit very few folks on the high end of the income spectrum.
- Unpaid for tax cuts are paid for by deficits. In other words, the wealthy gets two checks. (1) The tax cuts, (2) the interest for financing the deficit. Yes, we give them a tax cut so they can loan us our money back. We then give them interest on the bonds they buy to keep the government they are pillaging functioning. What is ironic is that they benefit the most from the taxes as we keep the country safe with a strong military, we educate the people they need to profit, and we build and pay for the infrastructure that affords them business.
Check out "Donald Trump's tax plan, in fewer than 500 words" at Vox. The article states the following.
Overall, it’s a huge cut to corporate taxes and individual rates for high earners, with some significant cuts to deductions that are nowhere near enough to pay for it all.
The plan is almost identical to the final plan Trump released on the campaign trail, a plan which would have cost $7.2 trillion and concentrated its benefits on the richest Americans, per the Tax Policy Center.
Remember, we are still living through Reagan/Bush 1/Bush 2 tax cuts that have stifled growth as it meant less money in the hands of those who spend it the fastest. Remember one of the only times we have had consistent 3%+ growth was when President Clinton raised taxes. One of the worst economies in the U.S. is Kansas' who is following conservative trickle down economics. One of the best economies in the country is California's who is practicing progressive economics. The answer from the state laboratories is out. And it is not what Trump is selling.
It's time to wake up people. We cannot and must not take the pressure off of our politicians. Let's start including the above in our narrative when we speak to our Congressional offices on a daily basis. Remember, Trump, campaigned as a populist and now governs as an Oligarch.
Also published on Medium.