But you can’t underestimate these bastards, so:
With multiple failed attempts at repealing and replacing the Affordable Care Act, all eyes are on Republicans as they prepare to pass major tax reform measures that would effectively provide a hefty tax cut to the top tax bracket while lowering the corporate tax rate to around 20 percent from 35 percent.
As President Donald Trump prepares to announce his plan to “cut taxes tremendously for the middle-class” tomorrow, details about the tax reform plan, which was largely constructed in secrecy by former Goldman Sachs employees now in the administration, are beginning to make their way to the public. On Tuesday, Axios reported Republicans have agreed on a plan to raise the bottom tax rate from 10 percent to 12 percent, while also doubling the standard deduction.
This increase in the bottom tax rate is one of the ways the Trump administration is planning on paying for the massive tax cut for the rich. Trump’s plan is expected to slash the top individual tax rate from 39.5 percent to 35 percent.
“[Republicans] are clearly looking for ways to offset the enormous tax cuts their plan gives to the wealthy and corporations. Just the tax cuts that have been reported would cost $5 trillion,” said Seth Hanlon, senior fellow specializing in tax policy at the Center For American Progress.
The richest 2% of American’s own 50+% of the nations wealth.
Two things are true.
1. Whenever you inject ‘cash’ into the economy, in this case with a tax cut, the economy will grow.
2. The bottom 60% of income earners will spend 100% of any additional ‘cash’ that they receive and the rich will not.
Because the rich already have excessive wealth.
Any tax cut given to the rich will increase our deficit (unless Medicaid and Medicare are cut) and add to their already sizable wealth.
The Republican/Trump tax bill will add $2.2 trillion dollars to our deficit.
But deficits don’t matter, remember? Until there’s a Democrat in the White House, that is, then they are ALL that matters.