On Wednesday the Trump Administration rolled out its Tax Plan, less a ‘plan’ than a plutocrat’s wet dream: Corporate tax rate slashed, huge new pass-through business loophole opened, giveaways to wealthy heirs, taxes for the rich slashed and their nannies and mansions subsidized through tax deductions.
This won’t produce a federal revenue shortfall, the Tax Fairy promises; tax cuts for the wealthy will pay for themselves. How? Magic! The same magic that worked so well during the 30 years of the GOP’s trickle-down, deregulating, big-corporate, no-taxes-for-the-rich philosophy, the failed policies that crashed the world economy when Republican leadership was last inflicted upon the nation, making the rich even wealthier at the expense of the rest.
“Trump’s treasury secretary: The tax cut ‘will pay for itself,'” Damian Paletta and Max Ehrenfreund, Washington Post
“Mnuchin: Our Tax Cuts for the Rich Are Not About Cutting Taxes for the Rich,” Jonathan Chait, New York Magazine
“The New GOP Math: ‘Dynamic Scoring’ Doesn’t Add Up.” NotionsCapital
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Image by Mike Licht (with apologies to The Great Karlini, Ludwig Trinka). Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com
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