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Trump's Tax Cut = History's Greatest Daylight Robbery!!


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Trump's Tax Cut = History's Greatest Daylight Robbery!!

December 30, 2019

 

"Ronald Reagan’s implementation of supply-side economics in the 1980s began a cascade of money away from public enterprise and into private wealth. That shift has done more than drive a huge increase in income inequality; it’s also impoverished the nation to make a handful of people more wealthy than anyone has been in history. And in just three years in office, Donald Trump has made the situation much, much worse.

 

As The New York Times reports, the tax cuts that Trump championed and signed were “a once-in-a-generation boon” to the fortunes of the wealthiest Americans, and the bill itself was not the end of the matter. Thanks to the way agencies have recrafted regulations, along with executive orders from Trump, the effects of the bill have been magnified. Instead of a once-in-a-generation shift of wealth from the public to the wealthy, Trump has created a once-in-history gutting of the many to benefit a very, very few.

 

The tax law itself, though often described as a “simplification,” is actually very complex, with a series of overlapping and interconnected policies. The Trump White House has crafted these policies with an eye always toward advantaging corporations and the wealthy. Those changes have greatly increased the impact of the bill, both in how it rewards the wealthy and in how it damages the public good.

 

The result is a budget deficit that has jumped over 50% since Trump took office—a deficit that will top $1 trillion in 2020."

 

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