Trump to Reap Millions of Dollars from GOP Tax Cut Heist
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
David Stockman minced no words, calling the measure “a fiscal, economic and political monster…hands down the worst tax bill enacted in the last half-century.”
On Wednesday, Trump practically admitted it’s no “middle class miracle,” saying slashing the corporate tax rate from 35 – 21% was “probably the biggest factor in our plan,” exposing GOP Big Lies selling it.
White House press secretary Sarah Sanders said “(p)rimarily, and priority number one, is middle-class Americans.”
Speaker Ryan roared “(t)he entire purpose of this is to lower middle class taxes.”
GOP Majority Leader McConnell, like other party officials, turned truth on its head, saying “(t)he theme behind this bill is to get middle-class tax relief for most people in the middle class.”
Fact: Tens of millions of middle and lower income households will end up paying more in the out-years, getting little or nothing along the way – except broken promises, the way US duplicitous politicians always operate, scamming the public to benefit the privileged few.
According to the Center for American Progress (CAP), Trump and six members of his inner circle will benefit hugely from the GOP bill.
He stands to save up to $15 million, his heirs to save around $4.5 million in estate taxes.
His son-in-law Jared Kushner will save up to $12 million. Treasury Secretary Mnuchin, Secretary of State Tillerson, Commerce Secretary Ross, Small Business Administration head McMahon, and Education Secretary Devos will save $4.5 million in estate taxes alone, along with a hugely lower annual tax liability on personal income and investments.
According to CAP’s Seth Hanlon, “the American people, whether they receive a tax increase or tax cut from this bill, are outraged that President Trump, his cabinet, and members of Congress stand to receive big payouts from this tax bill. The extent of the self-dealing became especially apparent when a last-minute provision benefitting the real estate industry was inserted at the last minute.”
“Trump, of course, promised to release his tax returns, like every president since the 1970s, but has brazenly gone back on his word. Congress has the full power to obtain and release Trump’s tax returns, but the Republican majority has buried its head in the sand.”
“Still, there is no doubt that Trump is getting major new tax cuts from this bill – at the same time as it preserves special loopholes, like the deductions Trump reportedly takes on his golf courses. These are illustration(s) of the venality and corruption behind this bill.”
Americans for Tax Fairness communications director TJ Helmstetter called the GOP bill “a money grab by the ultra-wealthy, including the multimillionaires in Congress and Trump’s own cabinet,” who’ll benefit hugely.
In contrast, ordinary Americans got scammed, a reverse Christmas present, courtesy of GOP gangsters running things in Washington.
When in power, undemocratic Dems are just as venal and despicable.
My newest book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”