Wall Street has been on a record-breaking roll with corporate profits on a crack-smoking high. But if you listen to Trump, Ryan, and the rest of the Republican Party complaining about taxes on the rich, you’d think America’s CEO’s and major stockholders were headed for welfare lines.
In fact, the tax reform plan Republicans are about to spring is a kind of welfare, but not the kind working class Americans need when they can’t make ends meet on minimum wage jobs. The Trump-Ryan plan is an obscene redistribution of wealth from the middle class and poor to the wealthiest Americans; you know, the ones that are ‘suffering’ because they may have to pay taxes on the massive amounts of money they have.
Vox reports, “Republican leaders working on a tax reform bill have agreed to increase the lowest personal income tax rate… The top rate, by contrast… would fall…”
The purpose of this tax ‘reform’ is not to reduce the deficit, and makes no claims to even try. It’s goal is to be ‘revenue neutral,’ which is Washington speak for redistribution of wealth from the poor and middle class to the rich, without any regard for what it does to the $20 trillion America owes its creditors. Yet it even fails at that, because the Trump-Ryan tax plan adds trillions to the deficit, making it far from ‘revenue neutral.’
According to a NYU School of Law analysis, “Donald Trump’s tax plan would cost about $6 trillion over 10 years. Trump claims his plan would cut taxes for every income group, with the largest tax cuts for working- and middle-class families. But despite its enormous price tag, his plan would actually significantly raise taxes for millions of low- and middle-income families with children, with especially large tax increases for working single parents.”
Since Trump is not known to spend much, if any, time reading or understanding proposed legislation, it should come as no surprise that the Republicans’ 2017 tax plan is right out of Speaker Paul Ryan’s screw-the-poor playbook, also known as “A Better Way: Our Vision For A Confident America.”
This rambling assault on anyone not born with a stock portfolio is a map to institutionalize cruelty, racism, and income inequality on national scale. The only possible reason it could even have a hope of becoming law in our alleged democratic republic, is because the Republican base is easily distracted by tweets demonizing kneeling NFL players, and the ease with which they can be scared into believing that their children will be attacked in bathrooms if transgender people use a toilet in the same room.
While some Americans are distracted by other news, Trump’s tax plan details are emerging. The plan would cut corporate tax rates from to 35 to 20 percent, and cut individual tax rates from 39.6 to 35 percent. Tax brackets would be reduced to 12, 25, and 35 percent, which represents an increase on lower income Americans. Most itemized deductions would be eliminated. And although the mortgage deduction would remain, state and city deductions that primarily effect ‘blue’ states, would go. Also included is a long time Republican favorite that eliminates the estate tax. “The estate tax — which is levied on millionaires — would be eliminated, a likely boon for wealthy individuals who inherit businesses, investments and real estate,” according to ABC News.
Trump’s plan throws the working class a bone by doubling the standard deduction to $12,000 for individuals and $24,000 for families, it they do not itemized deductions.
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