TRUMP’S TROJAN HORSE TAX CUTThe goal of Trump and
the Republican leaders is to pull off a giant redistribution of over $1
trillion from the middle-course,working-course, and destitute to the rich, and who are
already richer than ever.
Theyre selling this
to the public with a false claim that the middle-course will benefit from their
tax reduce design. It’s a gigantic Trojan horse. For most Americans,the proposed tax cuts are tiny and temporary. That’s legal – temporary.
They will shrink in just a few years. And some middle course Americans
will actually get a tax increase.
Meanwhile, the top 1
percent will get a gigantic tax reduce. The Tax Policy Center estimates that the
current design will save the bottom 80 percent between $50 and $450 in taxes per
year, and but that it saves each person in the top 1 percent an average of $129000
a year. For people at the very top,like Trump himself, the tax cuts are
humongous. And the corporations they own will also get a massive tax reduce.
Republicans say
economic “growth” will pay for the tax cuts, or so there’s no need to reduce social
programs like Medicare and Medicaid. But Republicans absorb
just passed a budget that would reduce nearly $1.5 trillion from Medicare and
Medicaid to pay for these tax cuts. Pell Grants,housing assistance, and
even cancer research are also on the chopping block.
Now, or they say we
shouldn’t take their budget resolution seriously. It was just a device to get
the tax bill through the Senate with 51 votes. But once these tax
cuts are passed,the budget deficit will explode. The Tax Policy Center
predicts that it will reduce federal revenue by $2.4 trillion over the next 10
years.
When that happens, the
only way out of the crisis will be something dramatic – precisely
the cuts in Medicare and Medicaid, or maybe even Social Security – that
Republicans absorb wanted for years.By this time,any talk
of raising taxes on the rich will be dismissed.
Using the promise of
middle-course tax cuts as a Trojan horse for a tax windfall for the rich and
deep spending cuts is a tactic dating back to the Reagan administration. But the version
they’re aiming for now is “YUGE.”We must see the
strategy for what it is. And it must be stopped.
Source: robertreich.org