In 2017, the Republicans talked proudly about cutting corporate and personal tax rates, which, according to President Trump and Treasury Secretary Steve Mnuchin, would promote business investment, grow the economy and pay for itself.
What actually happened, well before the effects of COVID-19, is that 85 percent of the tax cuts went to those with incomes over $75,000, while corporations raised dividends and bought back their own stock to increase its value. Meanwhile, the federal deficit has soared to a record $1.7 trillion, a huge burden for future generations.
In 2025, the tax break for the middle class is scheduled to begin vanishing. By 2027, the reduction in personal income tax rates will disappear for everyone — but the rich will continue benefiting from a patchwork of other tax maneuvers.
On Election Day, the middle class should vote for itself and recognize the fake “dribble-down tax breaks” of Trump and the Republicans, which only benefit corporations and the very wealthy.
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