They’re introducing #TaxReform today which will provide massive tax cuts for corporations ….. to a mere 15% …. and guess who’s paying for that … YOU and me! And just so you understand what I mean, they’re dumping all “Obamacare” subsidies and dumping all “individual” deductions except mortgage and charitable deductions. No more deductions for healthcare costs or for 401k contributions. No word as to a single solitary corporate tax loophole has yet been mentioned!
I may be a Democrat, but I’m fiscally conservative and I know this is going to blow a nuclear-sized crater in both our federal budget deficit AND debt in terms of 10s of trillions of dollars. But Republicans, who want to quadruple down on trickle down with super-duper fairy dust and steroids, along with their latest magic dynamic scoring gimmick, claim that we’ll see job growth that’s unbelievable and they’ll “Make America Great Again.”
“What this is about is creating jobs, and creating economic growth. And that’s why massive tax cuts and massive tax reform and simplifying the system is what we’re going to do.” — Steven Mnuchin
According to Speaker Ryan, you’ll be able to do your taxes on a postcard once they’ve completed their reform package. And if you’ve seen a picture of his proposed “tax postcard” it will tax “wage earnings” and 1/2 of earnings on investments/savings.
Hello? You do realize that a large number of rich folks don’t have “wage and compensation” income. They only have “investment income” which automatically is only taxed on 50% of that income! This is insanity with a serious twist of evil! I’m pretty sure that’s what Kansas’ Gov. Sam Brownback told Kansans before he totally bankrupted their state. This is nothing more than a race to the bottom! We’ve seen this before. Corporations did NOT use their new found tax savings to create more jobs or invest in infrastructure. They pocketed the money, or increased CEO salaries, or bought back outstanding stock. None of it when to employee salaries.
But, if all of that isn’t bad enough, we still have no CBO report, and may not have one before the bozos in the House cast their votes to pass the bill … and … no, the trumpster will NOT be releasing his tax returns so we can evaluate just how bigly he’ll benefit from his tax rate reduction to a mere 15%, before deductions and loopholes.