Reich on the tax cut proposal

Robert Reich

Trump’s Treasury Secretary Steve Mnuchin, former hedge fund manager and Goldman Sachs partner, calls it the “biggest tax cut and largest tax reform in the history of our country.”

In reality, it’s the biggest declaration of class warfare – Trump’s and Mnuchin’s class against average Americans -- in history.

Trump won’t just cut corporate taxes from 35 percent to 15 percent – a huge boon to the shareholding class (remember, the richest 10 percent of Americans holds 80 percent of the entire value of the stock market).

He’d also cut the individual taxes paid by partners in hedge funds, private-equity firms, and real estate empires like, um, Trump’s — from 39.6 percent to 15 percent. This is a giant windfall to the richest of the rich.

And he’d repeal the estate tax – paid by the richest 2 percent.

Oh, did I say that Trump is now proposing another repeal of Obamacare that would save America’s wealthy another $300 billion a year in taxes?

The biggest winners: Donald Trump, Ivanka Trump, Jared Kushner, Robert Mercer (Steve Bannon’s funder at Breitbart) and his daughter Rebekah, who is bankrolling a super PAC airing pro-Trump ads, along with Steven Mnuchin and all the other billionaires Trump brought into the his administration, including Gary Cohn, Rex Tillerson, and Betsy DeVos, as well as others on Wall Street and in corporate suites.

The biggest losers: Average working Americans -- many of whom voted for Trump -- who will now have fewer government services, and whose taxes will be paying more interest on a higher federal debt (much of which is owed to the rich, like Trump, who hold some of their fortunes in government bonds).

Trump has just declared class warfare against the people who voted for him, and most of the rest of us, too. It's our responsibility to sound the alarm far and wide.

Source
https://www.facebook.com/RBReich/?hc_ref=NEWSFEED&fref=nf