Seriously, I am just kidding, there’s nothing good about Trump and the GOP’s huge unfunded tax unless you’re a member of the super-duper jet club or America’s most exclusive country club crowd. If you’re just another working stiff in America, living from check to check and wondering how the hell your kids will be able to go to college without enslaving themselves in the life long debtors prison called student loans.
Whatever small gains you may experience from the tax cut will last for ten years or less. That’s because your cuts are temporary with a ten-year shelf life, after which, they expire. For that small percentage of America’s richest, the cuts are permanent and will just keep on giving. The new laws may make it easier for you to file but will do nothing to make it easier for you to meet your long-term obligations.
Wines that Bud Light drinkers will never taste.
Maybe it is easier to understand the consequences of the Trump tax cut with a few examples. But first, let begin with his promise to erase the entire national debt in just eight years. Armed with that promise here’s a few realities:
- To date, his tax cut has raised the national debt from $19 trillion to $21.7 trillion.
- Trump claimed the cuts would grow jobs and the increased income tax revenues will cover any increase in debt. It hasn’t and it won’t.
- Trump claimed revenue would grow when corporations brought back or repatriated their offshore profits but they haven’t. Those protected profits remain offshore and sheltered.
- Trump claimed the wealthy recipients of tax cuts would spend their money back into economic growth, they haven’t. The trickle down hasn’t trickled. Instead, the big corporations have bought back stocks to increase and concentrate the worth of their own shares.
- Most, if not all Trump’s economic predictions are based on the economy reaching 6% annual growth. It hasn’t and given the likelihood of a recession by 2020, or sooner, it won’t. History teaches that recessions are just as certain as drought, there’s one in our future.
- Twice now Trump has claimed he’s working on a special 10% tax cut for the middle-class. According to Forbe’s Magazine, don’t hold your breath, those cuts will never take place. They are just election diversions, the classic shell game, food for the gullible.
- To help cover the growing costs of the tragic mistakes made with any unfunded tax cut, Trump and the GOP are doing what is always done, they are turning to cut social programs to help pay the bills. Social Security, Medicare, Medicaid, ACA, WIC, SNAP, Veteran’s benefits and other programs are being attacked to lower the cost and help forestall the economic ruin that’s coming when the nation’s debt skyrockets.
Just keep on Googling and this list will keep on growing. But, I’ll leave it at this and leave it to you to decide how much a happy camper you are. If you’re one of the working poor take no heart in knowing you’re going to continue being one of the working poor. It ain’t getting nothing but worse for you. If you think you’re middle-class, good luck at even defining what that means today. Just be aware that the qualifiers are increasing and the size of the economic class is shrinking. The ever-growing gap between the haves and have nots will remain ever growing and as long as the rich and powerful get to write the rules the rest of us will continue being their target.
If you want to learn more about the economy you have to contend with try watching some of Robert Reich’s YouTube videos. They are short, entertaining, and he draws a mean cartoon. Here’s a sample:
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