Trump Signs GOP Tax Cut Heist into Law
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
Despite popular opposition to the bill, Trump signed it into law on Friday.
It represents a stunning victory for corporate predators and high-net-worth households – a colossal betrayal of ordinary Americans, scammed like so many times before by both parties, exclusively serving wealth, power and privileged interests.
Tax cuts have nothing to do with making “America great again,” Trump’s catchphrase malarky, everything to do with further enriching the privileged few at the expense of the exploited, abused and betrayed many.
He’s a serial liar. A White House statement on the GOP tax cut reflects bald-faced deception, saying:
“Returning money from Washington to the people is the clearest sign our leaders can give that they take this responsibility seriously.”
Fact: The tax cut does pathetically little for low and middle-income Americans. Millions will pay more taxes ahead – along with loss or greatly eroded social benefits. Corporate predators and the nation’s super-rich will benefit at their expense.
Fact: The measure will be partly paid for by greatly eroding social justice, especially Medicare and Medicaid, maybe Social Security later on – bedrock programs on the chopping block for eventual elimination, or handed to Wall Street to profiteer from, causing enormous harm to most Americans.
White House: “The tax cuts means less money taken out of Americans’ paychecks.”
Not enough to matter for most households!
White House: “The bill puts American businesses on a level playing field with foreign competitors.”
They already dominate most foreign competitors!
White House: “The act will eliminate dozens of special interest tax breaks and loopholes.”
The tax code remains as complicated a mess as before, filled with loopholes for accountants and tax attorneys to exploit for their clients.
White House: “In addition to tax relief for working families, this bill is about restoring America’s economic dominance.”
This bill is solely about further enriching America’s privileged class – a Christmas present for them, a lump of coal for most others.
According to Americans for Tax Fairness, 83% of the benefits go to the top 1%.
By 2027, taxes for 92 million middle-class households will be higher than now.
Medicaid will be severely eroded, Medicare cut by $400 billion over the next decade.
Millions of families will pay higher premiums for healthcare coverage.
Corporate predators get permanent tax cuts. They’re temporary for ordinary Americans.
The national debt will increase up to $2.5 trillion, likely more, not the $1.5 trillion Trump and GOP lawmakers claim.
Wealthy business owners and real estate developers like Trump will benefit hugely – the president saving around $16 million in taxes.
The new tax law is a jobs killer, not creator, encouraging offshoring of jobs. It hands a $400 billion tax cut windfall to offshore tax dodgers.
It eliminates the alternative minimum tax and cuts the estate tax on millionaires and billionaires.
It’s a bonanza for America’s privileged class – by picking the pockets of ordinary individuals and families.
Trump’s “middle class miracle,” is nightmarish for most Americans – notably later on when tax breaks end for recipients and vital social programs are gutted.
It WON’T “be a tremendous thing for the American people,” as Trump promised – just the opposite!
My newest book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”