Home | About | Donate

Trump's Trojan Horse Tax Cut Must Be Stopped


#1

Trump's Trojan Horse Tax Cut Must Be Stopped

Robert Reich

Using the promise of middle-class tax cuts as a Trojan horse for a tax windfall for the rich and deep spending cuts is a tactic dating back to the Reagan administration.


#2

Sounds like a good time to start the new French Revolution with Guillotines and Torches/ American Style.


#3

I like Robert Reich a lot. He has always been up-front and progressive, even when he did his PBS show.

But…

Last week I contacted him and asked him to explain to the country that this budget and tax reform program will actually kill people because of the loss of the safety net.

He didn’t do it. Not this time. Maybe next time?


#4

THE BIG LIE! I could support cutting the corporate tax rate—but do it as revenue neutral within what corporations pay today----the key is get rid of ALL the tax giveaways and make it a real flat rate. And write into the law that any company receiving any tax benefit will see their tax rate double.

And here is the BIG LIE. Congress would never do this because all those bribes, ow I’m sorry did I say bribes, I mean campaign donations would dry up.


#5

Its interesting watching Tim Cook explain why he refuses to return foreign earned money to the US. He refuses to pay the high tax on this returning money. How much has Apple benefited from the US economy? How much has Apple benefited from a strong US presence around the world. These corporations are the first to benefit from a functioning US government—they should be the first in line to pay up as they accumulate so much wealth.


#6

A question I hear no reporter asking-----Corporations would be taxed at 20% and small businesses would be taxed at 25%?------I would say lower the tax rate for REAL small businesses to say 10%-businesses under 25 employee’s that generate small incomes and small profit margins,not small wall street firms or lawyers who make buckets of cash.


#7

Under current law, a small business owner with profits of $200,000 (in the top 2% of earners) married with 2 kids, in a state with a 7% state income tax, and having $10,000 in property tax and mortgage interest deductions only pays $31,628 or 15.8% in federal income tax now anyway.

Expansion and hiring of more people comes mainly from current revenue. Reduced tax rates for businesses do not cause demand for what they are selling to rise.


#8

So if they are [illegally] going to cut my Medicare and Social Security benefits, I assume they will stop taking 7.65% out of my paycheck each week for these items, right?

Medicare and Social Security (FICA) are dedicated taxes (i.e., the deduction on your paycheck for those items goes directly into those funds, NOT into the general Federal coffers, and cannot be spent on anything else). These are not supposed to be mingled with the general funds and are not included in the Federal budget. So how do the Republicans get away with blatantly pretending this is not so? They aren’t even changing the law through legal changes to the law, by writing legislation and holding hearings and voting on it, but by simply declaring they can slash Medicare and Social Security to pay for their tax cuts for wealthy people.

If they are going to cut the benefits you paid for all your life, and use these dedicated taxes for purposes they legally aren’t supposed to pay for, how do they justify continuing to take 7.65% of your paycheck every week? Because they sure as hell aren’t talking about ending the mandatory FICA payroll deduction.

And why doesn’t anyone talk about this?


#9

So simple right???I think we would agree that people on the bottom half having more money in their pocket will generate economic growth.


#10

I do believe Congress has been stealing or using this money all along leaving IOU notes. Remember Al Gore talking about the lock box in 2000. Can one imagine if this money had been invested and how much would be there today—a lot. If they had taken for example the money of a person starting work in the 60’s and that person was now retiring would have funds in the millions???This is a total scam that the money will run out. Think of all the people who die before 65 and never see this money. When ss started the life expectancy was in fact 65. The real crime is that these benefits-monthly -should have gone up a lot more than what they have.


#11

It is discouraging that Trump voters actually believed Trump would drain the swamp and advance policies in the interest of the 99%. So wrong. The more discouraging part is that far too many of his voters, after all they have seen and read since the election, remain on Trump’s side. You can’t escape the corner if you keep painting and repainting the room.


#12

Reducing taxes by a tax reduction bill is a bit like saving money on your credit cards by paying less to the credit card companies each month. It’s “pay now, or pay later”. The huge permanent stimulus claimed from tax cuts on the top is just an enticing fraud: https://www.theatlantic.com/politics/archive/2017/10/tax-trump-kansas/542532/

Another point: This proposed tax bill would increase the proportion of total taxes payable by the middle class as it reduces the proportion payable by corporations and the wealthy. This reapportionment would apply to payments on and liquidation of the huge national debt as well as future government expenditures. Since Reagan the national debt has been growing as the wealthy have been paying less than their fair share of taxes: So now, if Trump and the Republicans have their way, much of that debt, largely unpaid taxes by corporations and the wealthy, will effectively be transferred to the middle class. And the middle class would be burdened with a greater share of future government expenditures.

All this is passed off as beneficial to the middle class.

Other objections are too numerous to elucidate.

The proposed changes would set us firmly on the path to dystopia.


#13

We’ve been walking on the path to dystopia for many years now. Not only that, but we have entered the “city limits” of dystopia as well.


#14

Call it a conspiracy theory, call it connecting the dots, but the viciously authoritarian ruling elite worldwide view the prediction of a population of 10 billion by 2100 as an impossibility to be prevented by any means, including “extermination” by warfare, by environmental degradation and catastrophic climate change, by further globalization undermined instantly by curtailing petroleum supply. Dtrump’s wall on the southern border may have a military purpose more than stopping immigrant crossing.


#15

To be fair, doesn’t that person also pay the full 12% up to the cutoff income level to social security, plus Medicare, bringing the total closer to 26%?


#16

How DO we STOP it, Robert? McCain is dying and Flake is quitting. Both are rich. Both voted for their own best interests.
The only recourse seems to be the guillotine!