Friday, December 16, 2016

Trump's Big CON: No Jobs, No Tax Cuts & No Health Care for Trump Voters

UPDATE III:  Trump is planning "a big, fat tax cut for America's next top heirs.

Republicans, of course, insist that this is really about protecting family farms and small businesses from Uncle Sam's allegedly rapacious grasp, but some facts are in order. According to the nonpartisan Tax Policy Center, only 30 such farms and businesses owed any estate tax in 2015, and they only paid 0.05 percent of the estate tax's total revenue. The reality is that you have to be pretty rich to leave behind more than a $10.9 million estate, which is how much a married couple can give their kids tax-free. And you have to be super rich for the 40 percent tax on anything over that to be a big deal to you. Indeed, the top 1 percent paid $13.8 billion of the $18.4 billion that the estate tax raised in 2015. That's 75 percent of the total. And the top 0.1 percent alone paid $6.4 billion, or 35 percent.

Not only would getting rid of the estate tax be a giveaway to the ├╝ber-wealthy, but it'd also be a giveaway that probably wouldn't create that many jobs. . .

[W]e're talking about real money here. The Tax Policy Center estimates that the estate tax would raise $225 billion over the next decade. That'd be enough to pay for the Children's Health Insurance Program three times over. . .

[And] deficits will go back to not mattering for at least the next four years.

It will be populism of, by and for plutocrats."

Read the Washington Post, Donald Trump’s 'populism' includes a huge tax cut for his kids.

UPDATE II:  "Researchers have found evidence of a natural gulf between the policy positions of the wealthy and the working class in the United States — and they’ve found that the preferences of the wealthy have been far more likely to translate into action. . .

[E]xtremely wealthy Americans were more likely than the population as a whole to support cutting Social Security, food stamps and health care, as well as somewhat more likely to support cutting homeland security, environmental protection and job programs. They were less likely to support labor unions, increasing the Earned Income Tax Credit and providing unemployment benefits.

Read the Washington Post, What happens to the working class when millionaires and billionaires are in charge.

UPDATE: Watch Late Night with Seth Meyers, Trump's Cabinet of Plutocrats and Hardliners: A Closer Look:

'Some of [Trump’s] proposals — walling off the country with protective tariffs, for example — would make things worse for the middle and working class, while tax cuts for the wealthy will exacerbate inequality rather than lessen it.' . .

Remember: Trump’s tax cut delivers most of its benefits to the wealthy: millionaires get a $300,000 cut; those in the middle-class get $900.

[Trump voters are] also, if Trump and the congressional Republicans have their way with the Affordable Care Act, at risk of losing recently acquired health coverage. What happens then, I don’t know, but perhaps they’ll be more open to an agenda that actually meets their interests."

Read the Washington Post, States with lots of Trump voters didn’t get the jobs. Now they won’t get the tax cuts.