I’m still puzzled by Donald Trump’s and the Congressional Republicans’ tax cut for the “middle class.”
How come the richest corporations, biggest banks and richest individuals in America got about $1,050,000,000,000 and the entire middle class got the $450,000,000,000 left over – about 13 percent of the tax cut?
Trump on television said he wouldn’t benefit by one dime. Instead he and his holdings will benefit by about $1 billion.
The Koch brothers spent more than $800 million to convince voters to put Trump and pro-Koch agenda politicians like Pennsylvania’s Pat Toomey into their Koch Klux Klan.
Smaller tax cuts under Presidents Reagan, George H.W. Bush and George W. Bush led to insurmountable federal debt and the tax cuts for the wealthiest Americans never ever trickled down – the wealth disparity zoomed up.
In July, one after another Republican parroted the narrative that nearly 5 million Americans are now taking home more money, a little over $2,000 a year, or got bonuses of $1,000.
What about the other 115 million in the workforce who got zero? Without the tax cut, Trump was in line to add $10 trillion to the deficit.
With the tax cut, economists estimate additional deficits to increase to $11.5 trillion or more. Who pays?
The tax cuts for the middle class are temporary, the tax cuts for corporations are permanent and the middle class will have all the “benefits” of a payday loan where courts have ruled a 950 percent interest rate is OK.
As Jeff Bezo’s income rises to $275 million a day, I wonder why he needs a tax break. As Trump brags about a 4.1 quarterly economic growth, Americans tend to forget Obama had a 4.9 percent peak around four years ago and he had seven years of Republican obstruction.
Anyone notice the nice gift by Charles Koch and wife to Paul Ryan for increasing their fortune? Just shy of $500,000! Thanks, Paul, for your public service.
By the way, the interest of an average 3% over four years at $39 billion a year will add another $156 billion to our national debt plus more than $300 billion interest projected on the expected deficit spending by Trump’s budget for the top 1%. That doesn’t include interest on the current debt.
What can Americans applaud about this upcoming disaster? Here today –- gone tomorrow.