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"'America will never be a socialist country,' Donald Trump declared in his State of the Union address. Someone should alert Trump that America is now a hotbed of socialism. But it is socialism for the rich. Everyone else is treated to harsh capitalism. To a conservative mind, socialism is getting something for nothing. Yet this is what the president promotes for the wealthy"
It's true. If you're an Average Joe, show up to work late a few times and you're fired. But if you're a CEO and run your company into the ground, what do you get? A $15 mil severance package along with a huge tax cut that Trump passed just for you.
"'America will never be a socialist country,' Donald Trump declared in his State of the Union address. Someone should alert Trump that America is now a hotbed of socialism. But it is socialism for the rich. Everyone else is treated to harsh capitalism. To a conservative mind, socialism is getting something for nothing. Yet this is what the president promotes for the wealthy"
It's true. If you're an Average Joe, show up to work late a few times and you're fired. But if you're a CEO and run your company into the ground, what do you get? A $15 mil severance package along with a huge tax cut that Trump passed just for you.
It ain't trickling down.
That was gong on long before Trump became president. Is the Trump psychosis of the left all-encompassing? Wow!
Trump administration actively pressured Treasury and the IRS to undershoot withholding estimates. In January 2018,*Politico*reported*that the IRS was "under pressure to take as little as possible so people will see big increases in their take-home pay," and annoyed Democratic senators were looking into the matter. The Congressional Budget Office also expects withholding to be unusually low this year.
If the White House did this, the point was to boost paychecks in the immediate aftermath of the TCJA's passage, so Trump and the Republicans would get political credit in the run-up to the 2018 midterms. "You're going to start seeing a lot more money in your paycheck," Trump crowed in a speech shortly after signing the bill.
Unfortunately for the president, most Americans are much more likely to notice a big one-time check — or the absence of that check — than an incremental increase on payday. "Ask people how much they paid in taxes, nobody knows," Howard Gleckman, a senior fellow at the Tax Policy Center, told Dayen. "Ask them how much they got in their refund, people know."*
Trump administration actively pressured Treasury and the IRS to undershoot withholding estimates. In January 2018,*Politico*reported*that the IRS was "under pressure to take as little as possible so people will see big increases in their take-home pay," and annoyed Democratic senators were looking into the matter. The Congressional Budget Office also expects withholding to be unusually low this year.
If the White House did this, the point was to boost paychecks in the immediate aftermath of the TCJA's passage, so Trump and the Republicans would get political credit in the run-up to the 2018 midterms. "You're going to start seeing a lot more money in your paycheck," Trump crowed in a speech shortly after signing the bill.
Unfortunately for the president, most Americans are much more likely to notice a big one-time check — or the absence of that check — than an incremental increase on payday. "Ask people how much they paid in taxes, nobody knows," Howard Gleckman, a senior fellow at the Tax Policy Center, told Dayen. "Ask them how much they got in their refund, people know."*
Google 'time value of money'.
When I filed my first tax return at 10 y.o., my grandpa taught me the bigger your tax refund, the bigger the chump you are.
Only a moron would think a year long interest free loan to the government is better than cash in the bank today.
The top 20% of income earners pay 80% of all taxes. The bottom 45% pay NOTHING.
The bottom 45% not paying tax is a symptom of the wealth inequality that we have. The 45% aren't "getting away with something." They aren't freeloading. They are barely getting by, living paycheck to paycheck.
Now imagine if the working poor all had pay increases so they had a living wage, so they can support themselves and pay taxes too. They would have a better standard of living, federal tax collections would go up and government assistance payments would go down (they wouldn't qualify anymore).
That'd be a win-win.
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