Raise your hand if you thought the Trump tax plan would favor the middle class and the poor.
I see no hands.
Democrats in the House and Senate can fulminate all they want, and the responsible media – and you know who they are – can put banner headlines about economic inequality on their sites and publications, but in the end, cutting taxes for the upper class will always be the GOP’s number one priority.
What’s different this time around is that the deficit hawks who haunted President Obama for his supposed wasteful spending that saved the auto industry and basically the entire economy are…silent. Actually, they’ve defended the multi-trillion black hole that TrumpTax will blow in the deficit, with the otherworldly assumption that economic growth will pay for the tax cuts.
It will not. Yes, economic growth will likely rise in the first few months after the cuts are passed, but at some point the Federal Reserve, with or without Janet Yellin, will raise interest rates enough to cool off the resultant inflation. That will result in some more fulminating from the president who knows less about actual economics than he does about health insurance.
This assumes that the bill is passed as presented today, which also is not going to happen. There are too many moving parts and too many corporate interests that stand to lose for the law to stand. The home building industry is concerned about the mortgage interest deduction. People like me who live in states where state and local taxes are high will put pressure on legislators to put back the deduction for those taxes. The new proposed 25% tax rate for pass through entities could result in many people listing themselves as pass through entities, which would mean they’d pay a lower tax rate.
And, of course, there are other parts of the proposal (still only 9 pages long) that will come out soon that will benefit other groups. Tax bills run into the thousands of pages. I can’t wait to see who gets the breaks and who gets the shaft.
The real impact, though, will mean the most when the bill is written and the true measure of what each group in this country will get out of it is measured in pizzas.
That’s right, pizzas, as in, “the average person will see a $1,600 tax cut, which comes out to $31 per week, or about 2 pizzas.” Right now, the average middle class worker will get about a $660 tax break per year which comes out to $12.70 per week, which is…one pizza. Are you ready to create a multi-trillion dollar addition to the deficit for your pizza? If we need to, we can pool our money together and add pepperoni. Or an anchovy. After the bill passes in its final form, I would not be surprised to see the middle class share fall from a whole pie to slices. And not fat Sicilian slices either.
No matter how you slice it, though, it ain’t gonna to be much for the voters who thought Donald Trump was on their side or that the swamp would be drained. This bill is already fueling the lobbyists who are anticipating a windfall. And the president will still not show us his tax return, so any of his claims that tax reform will not help him are specious at best.
But this is par for the course for our golfing executive. You know: the one who’s currently blaming Puerto Rico for its devastation.
This is not about health care, and as a matter of fact, the Republican self-immolation this past week has never been about health care. Or health insurance. Or health. Or care.
That’s what the Republicans care about. That’s what they think will make them healthy and insure their political future. Taxes. as in lower taxes. As in lower taxes than Ronald Reagan and George W. Bush would ever consider because as repellent as their political and economic philosophies were, they were rooted in real-world and real-economy assumptions. Those assumptions turned out to be wrong, as is amply evidenced by the deficits they created and the fact that economic growth never reached the heights it would need to pay back the Treasury for their rashness.
And Reagan even raised taxes over the course of his term in office to cover part of the shortfall. W’s dad gave up his political career when he raised taxes and set the stage for the Clinton boom in the 90s that was further fueled by the tax hikes in Bill’s budgets.
But now we have the ultra-right wing sycophants who forget or, my assumption, never learned those lessons. They’ve wanted to cut taxes for the past eight years and now they have the ultimate know-nothing in the White House who’s going to make their dreams come true.
In order to do that, though, they need to claim the money that President Obama used to revolutionize the health care system. To make sure that uninsured Americans can get affordable health insurance, which they are getting thanks to government subsidies, and to make sure that those people who have pre-existing conditions or are women or are elderly and should not be denied or price-gouged, taxes went up for the wealthy. And corporations. That’s obviously too much for the GOP to handle, so repeal became the rallying cry.
Well, when your goal is to repeal instead of making people healthier, then repeal is what you get. Except, the bill the House passed last week is not repeal. It just guts the best parts of the ACA while making the most vulnerable and sick people in this country subject to paying far more for health care.
Like they used to. When America was great. We’re going to make it great again by making health insurance more expensive, less comprehensive, unfairly discriminatory, and less job-friendly.
But at least taxes will go down, way down, for the already wealthy and to pay for the cuts Donald Trump will sell our intellectual and cultural soul. Because in the end, Trump only wants victories. He knows nothing about health insurance, or about how to be president for that matter, and only counts wins and losses. He considers the vote last week a win. It was not.
Let’s hope that the Senate proposes an actual health care bill that benefits real people. Otherwise, 2018 will not be kind to the Republicans.
Donald Trump is obviously hiding something.
After Trump promised the country that he would release his taxes if he ran for president, then promised he would release his taxes if he became the Republican’s nominee, then promised he would release his taxes if elected and now saying he has no intention of releasing his taxes, it is clear that this man is a liar, determined to keep his tax secret from the American public.
Well New York Democrats are determined to flush that secret out!
Democrats in the New York legislature have introduced a bill that would require the state to release five years of President Trump’s state tax returns, according to The Associated Press.
The bill would apply to any president or vice president who files a New York state tax return, which would include Trump, the news service reported. The bill would also apply to top state politicians like Gov. Andrew Cuomo (D) and the attorney general, as well as New York’s two U.S. senators.
New York Democrats say the bill is a chance to force Trump to release more tax information than he previously has.
“This is drawing a line in the sand: Are you for transparency or not?” Sen. Brad Hoylman (D) of Manhattan told the AP. “This is an issue of national security.”
The Democratic-controlled New York Assembly will likely support the bill, but it faces longer odds in the state Senate, which is held by Republicans, the AP noted.
Donald Trump has dicked the American people around for so long, that even reporters are beginning to call him out on it. One issue in particular that has the public concerned, and is Trump’s insistence on keeping his taxes hidden from the people.
Trump is the first American president in recent decades to fool the American people into voting him into office without allowing us to see who he is financially connected to. In a recent press conference, White House spokesman Sean Spicer was asked whether Trump would release his 2016 taxes, to which he answered that those taxes were already under a routine audit.
“I think it’s been covered before. It’s the same thing that was discussed on the campaign trail. The president is under audit. It’s a routine one and it continues. And I think the American public [knows] clearly where he stands. This is something that he made very clear during the election cycle.”
ABC reporter, Johnathan Karl heard enough!
“You’ve been asked about this obviously a thousand times. You always talk about you’re under audit, the president is under audit. Is it time to say once and for all, the president is never going to release his tax returns?”
“We’ll have to get back to you on that,” Spicer replied. A well practiced phrase indeed.
What is Trump hiding? The man is already president but still he refuses to tell Americans the truth about the people he does business with.
Multiple petitions have been filed requesting a release of Trump’s taxes, but one if the more successful petitions was filed on the White House wrbsite and it gained over 1 million signatures.
The petition, which closed Sunday, asks the federal government to “immediately release Donald Trump’s full tax returns, with all information needed to verify emoluments clause compliance.”
“The unprecedented economic conflicts of this administration need to be visible to the American people, including any pertinent documentation which can reveal the foreign influences and financial interests which may put Donald Trump in conflict with the emoluments clause of the Constitution,” the description of the petition says.