Wednesday, December 23, 2015

Trump's tax plan: Cuts for the wealthy paid for by increasing the national debt

Meaning that you and I will get fleeced. Vox.com reports on how conservative candidates for President plan to jack up the debt.

Two weeks after releasing numbers on Jeb Bush's tax plan, the Tax Policy Center — one of the only nonpartisan economic think tanks respected on both sides of the aisle in Washington — is out with an analysis of the tax plan of the Republican frontrunner, Donald Trump.

Trump's plan, TPC estimates, will cost $9.5 trillion, not including interest payments on the debt incurred as a result; with interest included, the cost rises to $11.2 trillion. That's substantially more than the $6.8 trillion/$8.1 trillion cost of Bush's plan. And like Bush's plan, TPC finds that Trump's is hugely regressive ...

... The typical low-income American will get $128 under Trump's plan. The typical one-percenter will get $275,257. The typical 0.1-percenter will get $1.3 million. Overall, TPC finds that 67 percent of the cost of the cut comes from tax breaks to the top 20 percent, and 35 percent from breaks to the top 1 percent.

So whatever the media tells you, believe this:

[Trump raising taxes on the wealthy] is nonsense. It has always been nonsense, and TPC's analysis proves it once and for all. Donald Trump wants truly massive tax cuts for wealthy people. That's his tax agenda in 2016.

And Trump is just leader of the pack of tax-cutting "Guardians of Privilege."

Note. Guardians of privilege is commonly attributed to Harry Truman's version of the GOP. See, for instance, Bill Moyers' 2002 article. That characterization was true in 1945, was true in 2002, and, on the occasion of the tax and spending bill just signed into law, is true today. The magnitude of the privilege just keeps getting bigger and bigger. Go read the article by Moyers in yesterday's commondreams.org.

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