Trumps tax reform plan was passed by the House. It accomplishes three things.
- “First, it would create a special rate for so-called pass-through corporations, which, if not done carefully, could open a massive loophole in the tax code”
- “Second, the plan would eliminate the alternative minimum tax, which prevents wealthy people from ducking their tax bills.
- “Third, the plan would end the estate tax, which would be a brazen giveaway to wealthy heirs.”
“Meanwhile, they admit they are unwilling to fully pay for the tax cuts they want, so they are giving themselves permission to cut up to $1.5 trillion in taxes without any offsets at all, arguing that a spurt of economic growth would make up for much of the lost revenue.” https://www.washingtonpost.com/opinions/trump-promises-tax-reform-and-delivers-cowardice/2017/09/28/b1571552-a3c6-11e7-ade1-76d061d56efa_story.html?utm_term=.002a25fa0a3b
Senate Minority Leader Chuck Schumer, D-N.Y. said Wednesday on the senate floor that “It seems that President Trump and Republicans have designed their plan to be cheered in the country clubs and the corporate boardrooms,” and called it “wealth-fare.”
Bernie Sanders described Trump’s plan as “morally repugnant and bad economic policy.”
This is another version of Trickle-Down-Economy. It didn’t work for Reagan and now it will send the world careening into another Great Recession or possibly even another depression. The wealthy have no fear of another Great Depression because they are well insulated.
Trump continues on Bannon’s plan of self-proclaimed deconstruction of the U.S. government. And the ruthless Tea Party is happily following him while any GOP dissenters are berated by our evil president rendering them impotent. I except John McCain, Collins of Maine, and Murkowski of Alaska. They have the best interests of the country at heart in the health care debate and were strong enough to withstand the assaults from Trump, Ryan and McConnell.
Keep up the fight. We have won small battles. Democrats are winning the off year elections. We will survive.