Donald Trump has big plans to save all those struggling millionaires and billionaires….
President-elect Donald Trump has big plans to help struggling millionaires and billionaires avoid paying taxes with a massive tax cut. This is in line with decades of traditional Republican trickle-down policies that have failed to even drip on the working classes.
Missing from Trump’s tax plan are details on how the richest people in America are suffering economically and why they need another tax cut?
Give It To The Rich
According to Tax Policy Center analysis of Trump’s tax plan, a combination of massive tax cuts will result in a $24.5 trillion reduction in federal revenue over the next 20 years.
Unfortunately, if you are among the large swath of blue-collar workers that voted for Donald Trump, you are likely to pay more.
Included in the plan is the repeal of the estate and death tax, which according to the Center on Budget and Policy Priorities, “is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level — $5.45 million per person.”
Since most of the cuts are concentrated at the top 1%, income inequality is poised for explosive growth, along with the federal deficit.
The Tax Policy Center analysis further claims, “Offsetting a deficit this large would require unprecedented cuts in federal spending.”
Exactly where those cuts come from is not hard to figure out in a plan so focused on redistributing wealth to the wealthy. Public safety, services and health care, along with Social Security and Medicare have been targets in the past, and there is little reason to think they won’t top the list again. Therefore, expect extreme austerity measures to attempt to fill the budgetary abyss.
Power Shift From The Campaign Trail To The White House
In addition to shifting wealth, President Trump will have the power to implement potentially significant changes to:
- Civil rights
- Voting rights
- Women’s rights
- Consumer rights
- Labor rights
- 1st Amendment rights/ freedom of the press
The rules and regulations that protect Americans from all sorts of perils are also likely to take a hit, including:
- Wall Street and banking regulation
- Environmental regulation
- Food Safety regulation
- Clean energy policy
- Climate change
No doubt, Americans will feel President Trump in their wallets if his tax plan breezes through a newly elected government completely controlled by Republicans.
If that weren’t historic enough, Trump also plans to make polluting the planet great again!
*** Maryann Tobin is the author of “Afterlife: The Journey Of A Dog‘s Spirit” This heartwarming story is told through the eyes of an animal spirit that has been sent back to earth in the body of a small dog. His mission is to help a young woman discover that their destinies are more connected to the powers of the Spirit World than either of them ever imagined. If you’ve ever shared your life with a dog or any other pet, you will never look at them the same way again after reading this book. “Afterlife: The Journey of a Dog‘s Spirit” is available now on Amazon.com.