Remember when Rachel Maddow touted the news that she had Trump’s tax returns?
Remember how, when she produced those two pages, everyone then eviscerated her for hyping what was a nothing story?
Well, it turns out it’s a lot more than nothing.
Yesterday, the White House released its “tax plan,” which really isn’t a detailed plan at all, but one page of bullet points. Not only is it a massive giveaway to corporations and the wealthiest members of society, it’s a great big gift to Trump.
After viewing the plan, Neil Irwin made this observation in the New York Times:
It is striking how many of the categories listed above affect the president and his family. He is a high-income earner. He receives income from 564 business entities, according to his financial disclosure form, and could take advantage of the low rate on “pass-through” companies. According to his leaked 2005 tax return, he paid an extra $31 million because of the alternative minimum tax that he seeks to eliminate. And his heirs could eventually enjoy his enormous assets tax-free.
Administration officials admit they have no idea of how it would affect the budget. Oh, they know all right. It will explode the budget by an estimated $6.2 trillion over the next ten years, but now that there’s a Republican in the White House, the concern about a ballooning budget has evaporated like rain on a hot sidewalk. They also can’t guarantee that it wouldn’t raise taxes on the middle class, but people in states with high taxes would take a hit with the elimination of the federal deduction for state and local income tax.
Oh yeah, the “plan” calls for eliminating the 3.8 percent tax that goes towards funding the Affordable Care Act. A lovely companion piece for the worse than draconian new health care plan Trump is trying to ram through Congress. (It won’t go anywhere because many Republicans hate this plan more than the one they turned their backs on in the first round.)
How long is it going to take those who are still enamored of Trump to realize that he has strung them along like a snake oil salesman strings along his marks?
Trump’s first 100 days is proving to be very informative. The populist is gone and the Emperor is draped in Oligarch’s finery. Wonder if he’ll even allow us to eat cake?