Now that Republicans have (once again) failed to repeal Obamacare as they spent years promising they would do the moment they controlled Congress and the White House, they’re shifting their focus to the scam they’ve been conning their supporters into believing for decades: cutting taxes for the rich will make your life better.
For nearly forty years now, Republicans have perpetuated the idea that what’s best for the poor and middle class is to give millionaires and billionaires more money.
Sadly, all that’s happened since the dawn of trickle-down economics is that the rich have gotten richer, income inequality reached levels not seen since prior to the Great Depression, and our national debt has skyrocketed to $20 trillion.
Nevertheless, despite nearly four decades worth of overwhelming evidence proving that cutting taxes for the wealthy doesn’t create jobs or help the middle class, Republicans continue to beat that same drum.
Only this time, the tax plan supported by Donald Trump would be one of the largest handouts to the rich (if not the largest) in this nation’s history.
Nothing like a corrupt, unethical pathological lying con artist proposing a tax plan that would cut his own taxes by $1 billion.
Oh, but it’s okay, because the middle class will see their taxes cut, too.
That’s where Trump’s top economic advisor’s defense of his tax plan turned into a train wreck.
Gary Cohn said that “a typical family earning $100,000 with two children that has been a standard deductor… can expect a tax cut of about $1,000.”
“If we allow a family to keep another thousand dollars of their income, what does that mean? They can renovate their kitchen, they can buy a new car, they can take their family on vacation, they can increase their lifestyle,” he said. “That’s what our tax plan has to do.”
Talk about being completely out-of-touch.
By the way, Cohn also said that he couldn’t guarantee that under Trump’s plan, taxes for some middle class Americans wouldn’t actually go up.
For starters, the median family income in the United States is around $55,000 — not $100,000. Meanwhile, the average American family only brings in around $74,000 per year. Both totals coming in well below the $100,000 Cohn seems to think most American families bring in.
That means the “$1,000 tax savings” Cohn used to try to sell this massive handout for the rich would be far less for the average middle class American.
Though the fact he seems to think that $1,000 a year (which is really less for most Americans) would somehow allow Americans to “renovate their kitchen, buy a new car, or take their family on vacation” is completely absurd.
You can’t even buy a decent, moderately priced kitchen refrigerator for $1,000 — let alone renovate an entire kitchen. Meanwhile, $1,000 won’t even give you enough for a decent down payment on a new car, and unless you’re taking the family on a vacation within your own city, $1,000 isn’t going to get you very far there, either.
But let’s just take this $1,000 (even though most Americans would get far less than that) annual savings Cohn used here and break that down a little bit. A tax savings of $1,000 per year comes out to $83 per month, or around $2.74 per day.
Again, most Americans would see much less than that.
How is that going to “increase” someone’s lifestyle? Especially when you factor in the reality that decreased federal dollars will ultimately lead to tax increases elsewhere or cuts to vital programs most Americans use.
All the while, the richest among us will keep getting richer, while income inequality becomes more and more of a problem.
The fact that we have people in key economic positions who think $2.74 per day (which is really less since most Americans don’t make $100,000 per year) will somehow help families renovate a kitchen, buy a car, take their family on vacation, or improve their lifestyle is an absolute joke.
It’s statements like these that prove how completely out-of-touch Donald Trump and most of the people working in his administration are about the struggles of every day Americans.
Watch his statement below via CNBC: