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Half of Trump Tax Cuts Go To Top 1/2 of 1%
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Populists critics denounced the Democratic and Republican parties for fostering the gross inequality that plagues the country and voted for Trump to restore justice for the average guy. Guess what? You have been had. Yes, those ex-Democrats who put Trump in power are about to get the shaft by the biggest liar in presidential history.
Trump's tax cut proposal was analyzed by the Institute on Taxation and Economic Policy and, no surprise, Trump would heavily reward himself and others in his tax bracket. The average guy gets a pittance. This would ultimately make US income inequality the highest in the world. Currently, the US ranks 23rd out of 30 developed countries for inequality.
--- Quote ---A tiny fraction of the U.S. population (one-half of one percent) earns more than $1 million annually. But in 2018 this elite group would receive 48.8 percent of the tax cuts proposed by the Trump administration. A much larger group, 44.6 percent of Americans, earn less than $45,000, but would receive just 4.4 percent of the tax cuts.
The first group, the millionaires, would receive an average tax cut of more than $217,000 in 2018, equal to 7 percent of their income. The second group, those making less than $45,000, would receive an average tax cut of just $230, equal to less than one percent of their income.
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Nearly Half of Trumpís Proposed Tax Cuts Go to People Making More than $1 Million Annually
U.S. Ranks 23rd Out of 30 Developed Countries for Inequality
Bannon may have helped Trump craft his winning populist appeal, but he failed miserably in governance. He was responsible for the disaster of the first travel ban and that, no doubt, was sufficient to diminish his influence almost immediately. Trump also admitted to the Mexican president that the build-a-wall nonsense was rhetoric with a high price tag. A governing strategy would have been to pursue the infrastructure promise as the first legislative priority. Bannon couldn't pull that off because Trump is a phony populist. If Bannon believes otherwise then he is as big of a sucker as the dumbest redneck. Trump went with the Congressional Republican priorities because he cares about the bottom line--his bottom line. The objective in taking up the repeal of Obamacare first was to extract a trillion dollars in taxes and roll that into the tax "reform" plan that would accomplish exactly what the plan described in the first post does: put hundreds of thousands of dollars in Trump's pocket and that of other very wealthy people. The "middle class" tax cut promised by Bannon's Trump is a fraud. Only if the middle class family earns 2 million dollars per year or more is Trump's tax cut for them.
Bannon's departure may get a lot of attention from the media, and he may prove to be an effective publicity hound in his alt-right afterlife, but he was a failure in the White House. He failed not only for his own deficiencies, but because of the insincerity of his boss who deceived the electorate with populist bombast, but governed to benefit his own pocketbook. See chart in post #1.
Trump's betrayal of his working class voters has been a theme from the beginning of his administration. Trump was a fraud from Day One. The Wall and the Muslim Ban qua Travel Ban were never going to help the working class. The attacks on immigrants will not raise the wages or provide health insurance for the workers whose income has been frozen or declined since Reagan. So how will Trump continue to stab average Americans in the back?
--- Quote ---His agenda, such as it is, amounts to reverse Robin Hood with extra racism ó the conventional Republican strategy of taking from struggling families to give to the rich, while distracting lower-income whites by attacking Those People, with the only difference being just how blatantly he plays the race card.
...Looking only at taxing and spending, then, one might conclude that the conservative economic agenda has largely failed. But hereís the thing: While the rich still pay taxes and the safety net has in some ways gotten stronger, the decades since Reagan have nonetheless been marked by vastly increased inequality, with stagnating wages for most, but soaring incomes for a tiny elite. How did that happen?
Yes, globalization probably played some role, as did technology. But other wealthy countries, just as exposed to the winds of global change, havenít seen anything like Americaís headlong rush into a new Gilded Age. To understand what happened to us, and in particular to American workers, you need to look at policy ó and especially the kind of policy that often flies under the mediaís radar.
Take one example, covered a few months ago in a striking Times essay: the decline in the fortunes of truck drivers, whose pay used to make them members of the middle class. No more: Their real wages have fallen about a third since the 1970s, with most of the decline taking place during the Reagan years.
Now, globalization and technology havenít destroyed trucking jobs; on the contrary, the industry is facing a labor shortage. What happened to truckers was, basically, the collapse of their bargaining power due in part to a changed ideological climate ó not least at the National Labor Relations Board ó that encouraged private employers to fight unionization, and in part to deregulation that undercut the position of unionized firms.
Take another example, at the opposite end of the spectrum: Does anyone doubt that financial deregulation played an important role in surging incomes at the very top of the income distribution?
Which brings us back to Trump and the effect heíll have on Americaís working class. Right now it looks as if he may have much less impact on taxing and spending than most people expected. But other policies, often made administratively by federal agencies rather than via legislation, can matter a lot.
True, Trump failed in his attempt to appoint a deeply anti-labor fast-food executive to head the Department of Labor. But the fact that he even tried to appoint Andrew Puzder tells you a great deal.
...As long as heís in office, he retains a lot of power to betray the working people who supported him. And in case you havenít noticed, betraying those who trust him is a Trump specialty.
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What Will Trump Do to American Workers?
Whats will Trump do for workers?
Complain about the media.
Then blame Democratic obstructionist.
Then complain about the media.
Then play golf.
Then fire one of his staffers.
Then complain about the media.
Charlie Sheen would call that WINNING!
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