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It’s depressing because the GOP has abandoned roles it once played in our public life: pioneering programs aimed at assisting Americans of modest means in lifting themselves up, and supporting productive government investments that the private sector was unlikely to undertake.
The party of Donald Trump, Paul Ryan and Mitch McConnell has abandoned the legacy of Abraham Lincoln, who championed the Homestead Act and land-grant colleges; Teddy Roosevelt, who protected vast tracts of nature on behalf of future generations; and Dwight Eisenhower, who pushed for student loans and the Interstate Highway System.
The heirs to Honest Abe, TR and Ike seem to believe in only one thing: throwing vast quantities of money at the already wealthy. And they have the nerve to pretend that they aren’t really trying to further enrich the moneyed classes. They claim that comforting the comfortable will someday, really and truly, help working people by creating jobs and economic growth.
They pretend a lot of other things, too. They say their goal is to 'simplify' the tax system, so they reduce the number of individual income-tax brackets to three. Isn’t it funny that in their “simplification,” the tax rate for the richest among us (people earning more than $418,400 a year) would drop from 39.6 percent to 35 percent, but the tax rate for the poorest (those earning less than $9,325 a year) actually would go up , from 10 percent to 12 percent?
The GOP apparently believes that taxing the poor is part of the recipe for growth. Now there is an innovative idea. . .
For eight months, Republicans told us repeatedly that they would enact a tax bill. Yet they still can’t show us the whole thing.
In fact, for a large swath of the middle and upper-middle classes, this is not a tax cut at all, but a tax increase. Using the details available, the Tax Policy Center concluded that nearly a third of taxpayers with incomes between $50,000 and $150,000 would see their taxes go up, as would a majority of those making between $150,000 and $300,000.
There is much that is very bad here, but perhaps the most insidious aspect of the bill is the part that might be called the Punish Our Opponents Tax Act of 2017.
To pay for their tax cuts for the rich, Republicans propose to make the tax code 'fairer' by getting rid of the deduction that people can take for the taxes they pay to state and local governments. Republicans rail against “double taxation” of income when it comes to capital gains. But they have no problem with double taxation when it hurts taxpayers in states that ask their citizens to pay a bit more to provide decent public services and stronger social safety nets.
As the Wall Street Journal reported, the states with the largest deductions for state and local taxes as a percentage of adjusted gross income are New York, New Jersey, Connecticut, California and Maryland. All voted against Trump. . .
Naturally, a tax proposal designed to pamper the super-rich does exactly that for a man named Donald Trump. The New York Times estimated his savings at about $1 billion. But his refusal to release his tax returns conveniently clouds how much he’ll get.":
Read the Washington Post,
UPDATE: "President Trump and congressional Republicans keep saying their tax plan doesn't help the rich. But that's not true. . .
In fact, in nine pages, The Washington Post counts at least nine ways the wealthy benefit, including Trump himself. Here's our list:
1) A straight-up tax cut for the rich. . .
2) The estate tax goes bye-bye. . .
3) Hedge funds and lawyers get a special tax break. . .
4) The AMT is over. . .
5) The wealthy get to keep deducting mortgage interest. . .
6) Stockholders are going to be very happy. . .
7) The favorite tax break of hedge fund billionaires is still safe. . .
8) Capital gains taxes stay low. . .
9) The Obamacare investment tax goes away. . .
When reporters asked Trump whether the tax plan would help him personally, he quickly said no. . .
Rep. Kevin Brady (R-Tex.), who was part of the team that worked with the White House to craft the tax-overhaul outline, was asked a similar question on Fox News. He, too, said this plan does little to help the rich.
'I think those who benefit most are middle-class families struggling to keep every dollar they earn,' Brady told Fox News.
But one look at this plan tells a very different story. It gives an outright tax cut to the wealthiest Americans and it preserves almost all of the most popular loopholes they use to reduce their tax bills.
Read the Washington Post, 9 ways Trump’s tax plan is a gift to the rich, including himself.
"The term 'deplorables' survives today in our political lexicon as a kind of sarcastic badge of honor that President Trump’s supporters pin on themselves. When self-applied by the likes of Stephen K. Bannon, it serves as a device to feed the narrative that liberal elite criticism of Trump — including the argument that he is scamming his own voters — signifies nothing but cultural contempt for Trump’s America. Trump supporters won’t let supercilious liberal disdain weaken their conviction that Trump is the one who is really on their side, dammit!
But a host of new developments underscore with fresh clarity that if anyone views Trump supporters with profound contempt, it’s Trump and his advisers — and that liberals are right to point out that he is actively trying to fleece them. Consider:
Trump’s new tax plan eliminates the estate tax, which he has justified by claiming that it would help 'millions of small businesses and the American farmer.' That’s a paean to his small-business and rural base. But as the Post fact-checking team points out, this is absurd: Because only the very top estates get targeted, a mere 80 such estates that would get hit by the tax in 2017 count as small businesses and farms. However, Trump’s family would benefit bigly, because his estimated net worth is in the billions. . .
Trump’s new tax plan eliminates the alternative minimum tax. As Linda Qiu explains, this 'largely impacts people making between $200,000 and $1 million. Without this tax, Mr. Trump would have paid $31 million less in taxes in 2005, according to his tax return that year, which was disclosed on the ‘Rachel Maddow Show’ in March.'
The mere fact that Trump would benefit from his tax plan does not itself mean he is scamming his supporters. Rather, the key here is that Trump is lying to them about this point. Trump says this about his plan: 'It’s not good for me, believe me.' But not only would he benefit, Trump also still won’t release his tax returns, which would actually allow us to evaluate how his plan would affect him and his family. Trump doesn’t want his voters (or any voters) to be able to do this. Trump is simply assuming that his voters will believe him (or he doesn’t care whether they do or not), even though he’s lying to them.
Trump claims his tax plan will not benefit 'the wealthy and well-connected' and will protect 'low-income and middle-income households.' But a new analysis by the liberal Center on Budget and Policy Priorities undercuts both claims. Trump’s plan would also lower the top marginal income tax rate from 39.6 to 35 percent, lower the rate on 'pass-through' businesses to 20 percent and cut the corporate rate from 35 to 20 percent. The CBPP analysis concludes that 50 percent of the net tax cuts in his plan’s framework would go to the top 1 percent of earners and that the impact on middle-class families would negligible at best. . . Trump’s empty promise to his working- and middle-class supporters is being used to sell tax cuts that will likely shower large benefits on the wealthy — himself included.
Trump is sabotaging Obamacare in new ways that will likely hurt untold numbers of his voters. . .
The Trump administration’s sabotage of the Affordable Care Act shows contempt for his supporters in another way. In its statement justifying the latest pullout from enrollment events, HHS did not even attempt to offer an actual policy rationale for the move — there is none — and instead lied robotically about how Obamacare 'continues to collapse.' But the Trump administration’s actions are encouraging chaos in that direction. . .
The point here is not that this should reflect badly on Trump supporters. They of course may disagree that all these things operate against their interests, or they may have plenty of other reasons to continue backing him anyway. Rather, the point is that the arguments that Trump and his administration are making to them on all these fronts are not being made in good faith, as if Trump believes his own supporters can be lied to or betrayed with great ease. Never mind whether they’re 'deplorables' — Trump himself is treating them like a bunch of suckers."
Read the Washington Post, Hey, deplorables: Trump and his advisers are laughing in your faces.
Read also Trump's Big CON: Happy Labor Day Suckers!
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