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WASHINGTON — President Trump’s proposal to slash
individual and business taxes and erase a surtax that funds the Affordable Care Act would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs, setting up a politically fraught battle over how best to use the government’s already strained resources.
But the vast majority of benefits would accrue to the highest earners and largest holders of wealth, according to economists and analysts, accounting for a lopsided portion of the proposal’s costs.
“The only Americans who are very clear winners under the new system are the wealthiest,” said Edward D. Kleinbard, a law professor at the University of Southern California and former chief of staff of Congress’s Joint Committee on Taxation, which estimates the revenue effects of tax proposals. Tax Plan Shifts Trillions From U.S. Coffers to Richest Families
Not in the least surprised by this news. I saw it coming.
The lower-middle class and the middle class will be getting the shaft big-time by Trump, Ryan and McConnell. It isn't even trickle-down anymore, it's just hand over your money to the one percenters!
In a few years, it will be time for a French-style revolution! The greedy will go to the guillotine!
Trump has been listening to Stephen Moore and Larry Kudlow, who subscribe to "supply side" economics. Their premise is that less means more. A big tax cut will unleash the "dynamism" of the American entrepreneurial spirit and result in a big spurt of "growth" that will pay for the cut and more. Hogwash!
But our Treasury debt reached the "point of no return" years ago so what's a couple dozen trillion more added to the national debt?
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