Dating Back to the Days of Ronald Reagan
Trump Reinforces “Trickle Down” in Detroit Policy Speech
Donald J. “More Trickle-down” Trump and his tax plan benefits whom? Ha, ha.
Trump poses as a working-class populist, but about his new economic plan would be a gusher for the wealthy, and almost nothing would trickle down to anyone else.
1. He’d knock down the top tax rate on businesses from 35 percent to 15 percent, thereby richly rewarding the investor class.
2. He’d cut taxes the top tax rate on the wealthy from 39.6 percent to 33 percent, another boon to the top.
3. He’d eliminate the estate tax – now paid by a relative handful of families whose net worth exceeds $5.5 million.
4. Not incidentally, this is an especial windfall for the Trump family. If Trump is worth as much as he says, his heirs would get a tax break of $4 billion to $7 billion.
5. He’d let global corporations pay just a 10 percent tax rate on untaxed offshore profit – another mammoth gift to big shareholders.
6. Apple, Pfizer, Microsoft, and other global American giants who now hold $2.4 trillion in earnings abroad, and owe some $700 billion in taxes on these earnings wouldn’t even touch them.
7. Trump’s 10 percent tax rate would raise only about $150 billion. It wouldn’t even generate new investment in America.
8. A similar tax amnesty was tried in 2004 and it was a dud. Thud – Ker plunk.
9. Yes, he’d also lower taxes on lower-income Americans. But the biggest beneficiaries by far are the wealthy.
Thanks for stopping by – hang on to your wallet.