Tax Reform is The Donald’s last chance to get any kind of a win in 2017. He hasn’t pushed anything else through real in terms of law. Executive orders are empty wishing on a star presidential grandstanding. That is why one executive order can be penned away instantly by the next oval office inhabitant. They don’t mean much. Countless staff fired, GOP alliances slashed and burned, and tonight he pushes Tax Reform to a blue-collar base of hard working truckers.
Trump won’t survive past Tax Reform. Because this plan is a gift to the wealthy. Not just rich people but like the supa wicked rich dude! The 1% swamp he campaigned against. His plan gets rid of the estate tax which now just impacts inheritances of more than $5 million I believe? His proposal to drop the top tax rate from 39% to 35% is also a gift to the rich. Huge corporate tax rate cut a gift to executives and investor classes. The meat of this tax cut is for the swamp. Or at least for all the people Trump was labeling as the swamp when he was out on the road getting high off the cheers and adoration while inciting.
Even more shady is the promise that this will help middle and lower-class Americans. The lowest earners might have their tax raised to 12% from 10%. The doubling of the standard deductions and other proposals might only net a middle-class household $1000 a year. Which if true is something that while helping does not impact a family in a profound way. Which is OK if you are selling a tax cut. Not OK if you are selling revolutionary tax reform that will be a windfall for the middle and lower classes. The impact of eliminating certain deductions is not known yet. Will doubling the standard deductions eliminate the need to itemize AND save you more money? That is not known yet.
It is all still just a framework as of today. This still will be baked for some time in the Congress kitchen and the public will have multiple leaked tastings. But this is off to yet another bad start. The middle and lower-class relief looks to be minimal at best. The ultra-wealthy 1% relief looks like a giant gift to wealthy baby boomers as if Trump is planning to protect his post presidential earnings and to hell with everyone else. We will tell those dopes it is prime cut and then serve them chuck. Its food they don’t know any better!
The 15% tax rate would help small businesses who are barely making ends meet and may improve their ability to compete. But large corporations would get this windfall too. There has been no mention of curbing or discouraging the practice of hiding money overseas by corporations. There is also no proof that trickle-down economics work. But that is the justification for this one as well. Even Donald Trump can chant Jobs! Jobs! Jobs! only so many times before results are required. This is also a typical tax and spend Republican deal. No effort to be a populist outsider and change that.
Tax reform dying on the vine combined with no wall means the remaining 35% will be out. It won’t be survivable. Not all the distractions and race baiting in the world can save The Donald from no jobs, no wall, no tax cut for middle and lower, while giving a bigly tax cut to the 1%. No con-man is that good.