by Dr. Jack Rasmus,
Republicans will now ‘sharpen their knives’ to go after grandma and grandpa, to cut social security and medicare–and medicaid for single moms and disabled, to pay for $2T deficit (not $1 or $1.5T) in Trump tax cuts
Senate bill means beginning of the end of ACA healthcare Act: Ending individual mandate will raise premiums for all by minimum 10% in 2018 and more thereafter. 4 million will immediately drop; 13m will drop by 2027, per independent estimates.
Senate tax bill means 3200 of the richest 0.1% households no longer will pay inheritance tax whatsoever; the remaining 1800 will have new threshold of $22 million before paying. Fewer than 0.1% households will now pay Inheritance tax.
Senate version off Trump Tax cuts reshuffles the House bill: Corps still get $1.5T; pass thru business $476B;Multinational corps $500B + bigger loopholes for real estate, autos, oil, depreciation=$3T business cuts paid by $3T tax hikes for middle class.
Trump’s latest ‘big lie’: the tax cuts “will cost me millions”. Trump’s 2005 tax returns show he paid only paid taxes due to AMT; doubling AMT exemption will halve his taxes. Trump’s 500 ‘business income pass through’ companies also gain from rate cut from 39.6% to 25% (or less 23% in Senate)
Multinational US corps past history with 2005 repatriation tax windfall tax cut (from 35% to 5.25%) showed 90% of windfall was used for stock buyback, dividends, and financing mergers and acquisitions.
Trump Tax cut based on faulty economic theory: give business more disposable income & they will invest it short run, leading to jobs, wages, GDP. US businesses now sit on $2 trillion cash in US +$2.8T offshore. If they aren’t investing with $4.8T, why would they with another $3t?
Senate tax bill deficit of $1 trillion based on absurd assumptions of economic growth. Past historical GDP trend for next decade will at least double the $1 to $2 trillion deficit or more. Decade from now, US debt will exceed $30 trillion
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