Trickle Down Con: Above Lincoln Quote Opposite of Trump's: "I love the poorly educated"

 

The real world not GOP la-la land speak

I read up on President Joe Biden’s planned proposal to raise corporate taxes a few percentage points as part of his over economic recovery plan – in part from this NY Times article:

The Biden administration unveiled its plan to overhaul the corporate tax code, offering an array of proposals that would require large companies to pay higher taxes to help fund the White House’s economic agenda.

The plan, if enacted, would raise $2.5 trillion in revenue over 15 years. It would do so by ushering in major changes for American companies, which have long embraced quirks in the tax code that allowed them to lower or eliminate their tax liability, often by shifting profits overseas. 

The plan also includes efforts to help combat climate change, proposing to replace fossil fuel subsidies with tax incentives that promote clean energy production.

Some corporations have expressed a willingness to pay more in taxes, but the overall scope of the proposal is likely to draw backlash from the business community, which has benefited for years from loopholes in the tax code and a relaxed approach to enforcement.

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Treasury Secretary Janet Yellen said during a briefing with reporters on that the plan would end a global “race to the bottom” of corporate taxation, adding: “Our tax revenues are already at their lowest level in generations. If they continue to drop lower, we will have less money to invest in roads, bridges, broadband, and R&D.”

This one example and more below shows, I believe, that it needs to be done. 

Take this Apple example. Their stocks recently slid in a rough market for technology shares. That is as investors continue to take profits after the iPhone maker’s stronger-than-expected March quarter earnings report (from Barron’s report).

Ergo: Just a ton from investment money and what – take it and run?

For the last quarter (January-March this year), Apple posted an $89.6 billion revenues gain. That was some $12 billion ahead of what Wall Street had predicted.

Now, multiply that quarter profit gain by 4 quarters (for whole year) and bingo – see the possible results: Close to $400 billion in profits for the year.

Folks that ain’t chicken feed.

Then look at the top pay at Apple. They are raking in huge salaries (but most from stocks they own in Apple plus of course their annual salary). A small tax hike won’t hurt them, but it will help keep the overall national economy growing on the current track. People will buy more when they have more in their pockets – so keep middle class taxes as low as possible, but ask the millionaires and billionaires to fork over a little bit more… the results will matter.

Reality hits hard: What we have seen from many huge Corporations recently: Take these 55 what did not even pay Federal income taxes at all in 2020, and was thanks to all the breaks and loopholes they have. 

Part of that is thanks to the Trump-GOP 2017 huge tax cut for them (which passed with no DEM votes BTW). So, that is why they have lots of money in their pockets and for the top crust as well.

Thus, the GOP’s concern and worry is in my view unfounded (as usual), as they still cling to “trickle down economic theory” (actually a BS con that helps the top) as they say it will the bottom.

Explain that to the bottom

In reality it helps politicians keep their PAC accounts flush with corporate donations and that in turn enables them to stay in office to keep giving more upper crust tax breaks to keep their corporate rates lower. I call it “You scratch my PAC, I’ll lower your tax rates.”

All in all, that is NOT “trickle down” economics – not at all. It’s the sustained GOP-ultra rich mindset that says we will help the top crust and they’ll provide the crumbs for the rest of us … wait!!! Oops (as Rick Perry would say).

Finally, this reminder from the “smartest man ever, with the best words ever, and very rich (he claims).” 

So, no wonder he loves the poorly educated – they fall for everything he says – that is the skill of a seasoned con artist – which Donald J. Trump certainly is, hands down.

In Nevada after Feb 2016 primary win

Thanks for stopping by and I say to President Biden on his proposals: 

“Mr. President: Go git ‘em…”