Wednesday, March 28, 2018

Cue the Laughter: The Real Impact of the Trump-GOP "Tax Cut/Reform Create Jobs Bill"

Believe us, trust us, vote for us: Our tax bill solves everything
(Wink/Wink - Nod/Nod)

Bill passage dinner - come see how the bill works
(Have a seat enjoy)


Laughable introduction from this fine article (my spin and emphasis added - call it: the chickens come home to roost): 

When Republicans were promoting this monster of a tax cut last year, they repeatedly claimed it would help middle-class Americans. Treasury Secretary Steven “With Arrogant Greedy Wife” Mnuchin argued the middle class would benefit, while the rich would receive “very little cuts or, in certain cases, increases.” This was laughably untrue.

Some of the arguments verged into this parody wherein Ivanka “Here is my latest design bracelet” Trump-Kushner (newest West Wing Ad) claimed that the plan would “create simplification” for Americans.

What a remarkable statement considering the bill was passed with so little deliberation that it’s now becoming clear a huge number of “errors and ambiguities” are causing problems for large and small businesses alike.

A recent poll released from CNBC’s All America Economic Survey, conducted by Hart Research Associates and Public Opinion Strategies in mid-March, found that only a third of the Americans have noticed more money in their paychecks because of $1.5 trillion Trump tax cuts. 

More than half — 52 percent — say they’ve seen no change at all

The extra take home pay is so inconsequential to most people that, of the minority who says they’ve noticed the extra funds, a little less than 40 percent say it’s improved their finances “a great deal” or “a fair amount,” with the remainder saying it the money either helps a small amount or not at all. The tax bill, as we all know, was a major gift to corporations and the wealthiest of the wealthy, who received the lion’s share of the $1.5 trillion cuts.

The cuts the typical American received, on the other hand, are relatively minor. The nonpartisan Tax Policy Center estimated that the typical middle-income household would see an after-tax gain of $930 in 2018 as a result of the new law. Assuming a one-paycheck household, that adds up to a little less than $18 a week.


Super article conclusion: Republicans also argued voters would reward them come this November for the extra money in their paychecks. This data shows that’s an increasingly unlikely possibility. 

Perhaps the GOP will take comfort from the long view: Individual tax cuts are set to expire at the end of 2025, even as the corporate cuts, which overwhelmingly benefit the wealthy, continue. 

So, maybe ordinary voters won’t notice that their tax cut disappeared even as those enjoyed by the rich live on in perpetuity. 


Thanks for stopping by. Enjoy your $20 weekly increase…!!!


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