Donald Trump’s tax plan is a wolf in sheep’s clothing. MSNBC is reporting today,
Republican presidential front-runner Donald Trump’s tax plan would cost an eye-popping $12 trillion over 10 years, according a new estimate that runs directly counter to the billionaire’s pledge not to increase the deficit with the proposal.
The conservative Tax Foundation, which has been scoring candidates’ tax proposals throughout the race, found that Trump’s changes to the individual tax code would add $10.2 trillion to the deficit using traditional scoring methods, his corporate tax cuts would add $1.54 trillion and his proposal to eliminate the estate tax would add another $238 billion.
In addition, the gains from the cuts would disproportionately benefit ultra-wealthy Americans like Trump, whose personal income, business earnings and inheritors all stand to gain from a number of its provisions. According to the analysis, the wealthiest 1% of Americans would see their after-tax incomes increase by 21.6% versus just 1.4% for the poorest 10%.
It’s a wolf because it preferentially benefits the 1% compared to the 99% by a factor of 20 to 1. The wolf is concealed in sheep’s clothing because the 99% would also enjoy a substantial benefit. Josh Barrow of the New York Times writes,
Married couples would pay no tax on their first $50,000 of income and just 10 percent on the next $50,000. A married couple with no children earning $100,000 and taking the standard deduction would pay $11,437 in income tax under today’s rules; under Mr. Trump’s plan, they would pay just $5,000, a tax cut of 56 percent. Many people with low-to-moderate incomes would see their income tax bills reduced to zero, increasing the share of the population that pays no income tax at all.
Here’s Paul Krugman’s take on it today,
But I do want to weigh in for a minute on Donald Trump’s tax plan — which would, surprise, lavish huge cuts on the wealthy while blowing up the deficit. That’s in contrast to Jeb Bush’s plan, which would lavish huge cuts on the wealthy while blowing up the deficit, and Marco Rubio’s plan, which would lavish huge cuts on the wealthy while blowing up the deficit.
At this point there are no Republican candidates deviating at all from the usual pattern. Why, it’s almost as if nobody in the party ever cared about deficits except as an excuse to slash social spending, and is totally committed to redistributing income upward.
And there is, of course, no evidence — zero, nada, zilch — that cutting taxes on the rich will yield large economic benefits.
Basically, Trump’s plan is more Republican financially irresponsible bullshit to “blow up the deficit,” so that the 1% can gorge itself on money while creating an excuse to cut, if not eliminate, Social Security, Medicare and Obamacare.
In two words, his plan is not only a wolf in sheep’s clothing, it’s dishonest and disgusting.
Meanwhile, Republican members of the House Oversight Committee insulted and disrespected Cecille Richards, the President of Planned Parenthood, cutting her off and shouting her down as she attempted to respectfully answer their questions. They assumed the worst even though there is no evidence to support any of their accusations and their principal accuser, Carly Fiorina, is a proven liar..
We have a word for what they are: SCUMBAGS.
There, I said it.
Go here to read the Tax Foundation report.