Is Trumps drama effective at smoke screening more tax cuts for the rich?

8/9/2018

 

12/22/2017 the Tax Cuts and Jobs Act was signed into law.

 

Many believe it was a windfall for the rich lowering the corporate tax rates from 35 to 21 percent in a time when many fortune 500 companies are paying zero taxes. “It’s a bill that by almost every official analysis overwhelmingly benefits America’s highest earners” Also adding a trillion (with a T) to the deficit “The tax bill costs $1.46 trillion over 10 years”

Vox and Washington Post

 

Obviously, some disagree with that stance “a family of four earning $86,000 a year would see a tax cut of almost $2,500, according to one estimate, tax reduction totaling nearly 50 percent.” And “The Tax Cuts and Jobs Act begins to reverse this by repealing this tax penalty, known as the individual mandate, ... In tax year 2015, 6,665,480 households paid this tax. About 79 percent of these households had annual incomes below $50,000, and 37 percent of households that paid this tax had annual incomes below $25,000.

 

During all the “is collusion a crime” drama “The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation”. Steven Mnuchin went so far as to say “If it can’t get done through a legislative process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” indicating a willingness to bypass Congress.

 

As yet another round of tax cuts for the rich looms the media is hyper focused on other things. Are those things a smoke screen for the real agenda? Is it all just a way to get tax cuts for the rich in under the radar?

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3 weeks ago
August 24, 2018

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