Trump Tax Plan: “bales of bash” for the rich

Congressman Rick Nolan

“To visualize President Trump’s tax plan, imagine a helicopter dumping bails of cash on rich people.” That’s how one analyst described the one-page tax proposal the President released recently. It’s clear that under the Trump tax plan, the rich would get richer, the poor would get poorer and the middle class would continue to get crushed.
In fact, according to the nonpartisan Tax Policy Center, 51 percent of the benefits from the plan would eventually go to the wealthiest 1 percent of taxpayers. As the old saying goes, the devils are in the details, and the President didn’t provide us with many details — so for all we know, it could be even worse.
But in a nutshell, the Administration’s plan would provide huge tax cuts for millionaires, billionaires and big corporations at the expense of middle class working families. And it would add between $5.5 and $7 trillion to the national debt over ten years, with no way to offset the cost except by making huge cuts in programs that fund the infrastructure, good paying jobs, human development, public education, medical research, and environmental protection – just to name a few.
Moreover, many of us were hoping the President’s tax plan would include some funding for the $1 trillion infrastructure plan he’s promised to deliver – but infrastructure wasn’t even mentioned by the Administration.
Instead, economists on all sides of the political spectrum were quick to point out that a $5.5 trillion ballooning of the deficit would inevitably increase government borrowing and boost consumer interest rates. As a result, working families would find it harder to buy homes, take vacations, pay for college and save for retirement.
Last but far from least, massive tax cuts for the wealthy would mark the return of “supply side” economics — the failed notion that when the rich get richer, the benefits somehow trickle down to the middle class, the poor, the old, the sick and the most vulnerable among us. History has proven that’s never the case.
The fact is, the rich don’t need another tax cut. Real tax reform should focus on tax relief for the middle class so they can grow our economy with good paying jobs that support our communities and small businesses. That’s what I’m working for.

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