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Trump's Big Fail: Making America the 1980s Again - David Corn
Gargantuan tax cuts for the well-heeled, draconian cuts in programs for low-income Americans, boondoggle spending for iffy missile defense, and siding with the whites of South Africa: Donald Trump is making America the 1980s again. Last week, he shoved the nation into a time machine and transported it to the Age of Reagan, embracing the worst excesses of the era. In several instances, he has surpassed the outrages and extreme measures of our first made-on-TV president. Trump is putting the failed policies of the past on steroids in his relentless crusade to derail and damage the nation.
On Thursday, House Republicans passed a megabill covering taxes, government spending, and much else that Trump has called for. The tax cuts are obscene—the typical Republican fare, throwing piles of money at the upper crust and crumbs (at best) to the rest. According to the nonpartisan Penn Wharton Budget Model, the top one-tenth of a percent—people with incomes greater than $4.3 million—will receive on average a $389,000 annual boost from the tax provisions, if the GOP-controlled Senate accepts this plan. Many Americans who make less than $51,000 could lose about $700 a year in after-tax income. It’s truly a rob-the-poor-to-pay-the-rich scheme.
The true beneficiaries of the Trump-GOP measure ain’t a secret. Look at this chart from the Institute on Taxation and Economic Policy:
One quarter of the entire tax cut ends up in the pockets of the 1 percent. It’s a good time to be an oligarch. The bill proves that the purported populism of Trump and MAGA is a big con.
It also illustrates that Republicans—surprise, surprise—are huge hypocrites when it comes to the deficit. They don’t give a damn about red ink, if the green flows to the wealthy. The conservative Manhattan Institute estimates this tax bill will cost more than Trump’s 2017 tax cuts, the Covid stimulus act, Joe Biden’s infrastructure bill plan, and his Inflation Reduction Act combined, adding $6 trillion to the deficit over 10 years. (One GOP House member claimed it would add $20 trillion!) Still, party on, dude. (Okay, Wayne’s World was a 1990s film.)
On Thursday, House Republicans passed a megabill covering taxes, government spending, and much else that Trump has called for. The tax cuts are obscene—the typical Republican fare, throwing piles of money at the upper crust and crumbs (at best) to the rest. According to the nonpartisan Penn Wharton Budget Model, the top one-tenth of a percent—people with incomes greater than $4.3 million—will receive on average a $389,000 annual boost from the tax provisions, if the GOP-controlled Senate accepts this plan. Many Americans who make less than $51,000 could lose about $700 a year in after-tax income. It’s truly a rob-the-poor-to-pay-the-rich scheme.
The true beneficiaries of the Trump-GOP measure ain’t a secret. Look at this chart from the Institute on Taxation and Economic Policy:
One quarter of the entire tax cut ends up in the pockets of the 1 percent. It’s a good time to be an oligarch. The bill proves that the purported populism of Trump and MAGA is a big con.
It also illustrates that Republicans—surprise, surprise—are huge hypocrites when it comes to the deficit. They don’t give a damn about red ink, if the green flows to the wealthy. The conservative Manhattan Institute estimates this tax bill will cost more than Trump’s 2017 tax cuts, the Covid stimulus act, Joe Biden’s infrastructure bill plan, and his Inflation Reduction Act combined, adding $6 trillion to the deficit over 10 years. (One GOP House member claimed it would add $20 trillion!) Still, party on, dude. (Okay, Wayne’s World was a 1990s film.)