As The New York Times detailed yesterday, the biggest winners would be the wealthy whilst the middle class would only see modest benefits and poorer Americans would see absolutely nothing at all (details here). And even an official in the Trump administration all but admitted some middle class Americans will actually see their taxes increase (link here).
Trump also claimed that his own tax bill would jump and that it was really against his own personal interests, but that's also a massive lie, too. As Business Insider reported yesterday, Trump's plan would repeal a provision that once cost him $31 million in one tax year (link here).
Of course, the exact impact on Trump's personal tax obligations is impossible to calculate. Why? Because he's never released his tax returns, despite promising multiple times for more than three years that he would do so. Yet more lies.
Trump claimed the other day, with utterly no proof, that the tax cut would lead to massive production growth and scores of new jobs. That, of course, is another lie, and a former Reagan Administration tax official called him on that in a piece in yesterday's Washington Post (link here).
Before any serious consideration of his tax proposal, it is mandatory that Trump release all his tax returns. Without them, given his long track record of lying, we can't trust anything he says.
To modify a favorite saying of Ronald Reagan, "don't trust but verify."
Every sane people really knows how a budget works.
ReplyDeleteYou cannot spend money you don't have unless you use a credit card and get deeper and deeper in debts.
USA debt is way over «gazillions» of dollars and still, «45» and his administration talks of tax cuts.
This is nonsense and each time your debt ceiling has to be voted, you almost brush with huge disaster.
USA is spending way too much in regard of the incomes.
This is a plain truth like a nose in the middle of the face.
NO MONEY = NO EXPENSES
With many years of war(s) and other spending like in space etc. USA is on the verge to hit a HUGE WALL.
USA the riches country in the world is a myth.
The "tax breaks will boost industrial growth and trickle down to the employees" concept has been so thoroughly debunked you would think that the Republicans espousing this mantra would be too embarrassed to resurrect it. But they have no shame, so there's no reason to be surprised.
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