Trump-GOP 2017 Tax Cut Favors Top Crust: Rest of Country Left With Crumbs on the Floor

Tax Cut Partners in Trump’s Scheme

(Phony one page IRS tax form)

GOP Congressional Enablers in Trump’s Tax Cut Scheme

(Note: Zero DEMS signed the bill)

Trump and GOP’s 2017 tax scheme, scam, con, “fake promise,” or choose any other word – the outcome is still the same the rich benefitted – the best of us did not, some hard facts and proof here  from Market Watch and other reputable places posted below in part with my editing and emphasis to fit the blog.

Trump and Republican leaders (some pictured above) said joyfully in 2017 that their tax bill (no one single DEM vote – just like no GOP vote for the ACA (Obamacare) would simplify tax returns and save working people lots of money. Hello, knock, knock – anybody home?

News flash: That Trump-GOP promise failed (as many others have) miserably except for the huge gift delivered to Park Avenue types that BTW: Favors GOPers politically (e.g., fat campaign checks).

Economic reality: Markets are shaped by choices. Not just the choices of sellers and buyers, but the choices of political leaders too, who shape the rules that govern how markets operate.

For example, markets only work if government sets the rules of the road establishing property rights, providing consumer-safety protections, protecting workers, and much more. The critical question is “who writes those rules and who benefits from them?”

Under Trump, the answer is painfully clear: The economic rules have been written and mostly re-written to enrich wealthy donors and politicians that hurts or does not benefit working and middle-class families – a fact and the evidence is compelling.

Congressional supporters of the legislation repeatedly admitted that the reason they pushed the bill was to satisfy their donors. 

It’s not hard to see why: The vast majority of the benefits of the legislation go to corporations and the wealthiest Americans, and while most working and middle-class families saw a temporary tax cut, the permanent tax cuts for corporations and the top crust are paid for by the permanent tax increases on the middle-class.

But if middle-class families were getting any benefit from the tax bill, it is likely been wiped out by the new costs that Trump is imposing on them through tariffs. Trump claims the tariffs are about helping workers.

But to the extent there is any coherent strategy behind them, they are aimed at helping large corporations secure even larger profits, not at increasing workers’ wages.

Insert – Tariff (noun): A tax or duty paid on a particular class of imports or exports by the consumer not the producer or manufacturer.

Trump still claims and argues that the cost of tariffs is being borne by China, but the real losers are American consumers. Some estimates put the cost of the Trump tariffs for an average American family at around $831 a year, more than offsetting the average tax cut for a household in the bottom 80%. Lately, Trump says he’ll impose even more costs on the American people as part of his erratic and ineffectual trade policy.

I say: That is the reality but in this case tagged with his fav word: “Fake” promises and unreal results…!!!

But this is not the only area where Trump is driving up costs for the middle-class to increase corporate profits; he’s used a wide range of government powers to take actions that hurt working families. For example:

(1) Early in his presidency, Trump quietly abandoned a rule guaranteeing overtime pay to millions of people making up to around $50,000 a year, which would have boosted working- and middle-class wages.

(2) In its place, he’s proposed a watered-down rule, which would result in a cut to workers’ pay of $1.2 billion every year. That’s not all.

(3) Trump has abandoned a rule that prevented savers and retirees from being cheated by unscrupulous financial advisors. Every year, people lose $17 billion in retirement savings because of financial advisers with conflicts of interest.

(4) And to add insult to injury, Trump is looking to weaken standards for fuel efficiency and climate pollution, which would cost American families $23.8 billion every year, largely because of higher gas spending.

The B/L as it were: Trump has given away hundreds of billions of dollars to the wealthy and corporations, helping conservative donors, members of Congress, and himself. Meanwhile, he’s raised costs on American families through a mixture of cutting their wages, driving up their spending, and draining their retirement savings.

My 2 cents (under Trump now worth only .25¢): This article speaks and stands by the facts. 

Trump cannot be believed or trusted about anything he says or implies (all his lies aside that is), e.g., he always says “Make America Great Again” or “America First” (implying we go it alone and to stop being “abused”), but most if not all his actions support only Trump Family Empire, Inc. benefits and not mainstream America. 

Now the chickens are firmly roosting back home as outlined above. 

Trump’s conning spin and lock-stop obedient GOP sycophant ass-kissing is harmful despite their rhetoric otherwise. 

That is Trump’s skill: He says things as unchallenged gospel with flashy rally speeches anti-everything except himself but in the end it’s more of his empty promises delivered with harmful deeds.

That has been his lifelong M.O. (tons of lawsuits) and here from USA Today a total list. 

It’s who he is and he is the worse ever in American history – now brag about that, Mr. Trump – since you think you have the corner on bragging rights. Oops…!!! 

Thanks for stopping by.