Alternative Visions - Trump Whacks the Middle Class

As Federal tax deadlines near on April 15 it’s becoming increasingly clear the middle class is paying more, not less, under the Trump 2018 tax cuts. Of the roughly 170 million tax households, news is now appearing that tens of thousands fewer are not getting refunds this year and 80% say they’re paying more, per polls. Rasmus explains in detail how the Trump tax cuts provided $4.5 trillion in total tax cuts over the next decade—offset by $1.5 trillion in middle class tax hikes (and making phony estimates of another $1.5 trillion in tax revenues from economic growth due to tax cuts).  Rasmus describes how multinational corporations will get $2.1 trillion in tax cuts over the decade and how US corporations, non-corporate businesses, and the wealthiest 1% households and investors will enjoy another $2-2.4$ trillion by reducing the corporate rate from 35% to 21%, by eliminating the corporate AMT, by radically reducing the personal income AMT, by providing a flat 20% deduction for non-corporate businesses, by lowering personal income tax rates and brackets for the wealthy, by exempting most of the Estate tax, and by ending limits on itemized deductions for the rich while adding child care and private school deductions for them.  How the middle class will pay another $1.5 trillion over the decade is also described, including ending the personal exemption, by changing personal income tax brackets for the middle class, and by eliminating or reducing middle class itemized deductions. In the bigger picture, it amounts to increasing subsidization of capital incomes—to be paid for by the earned wage incomes of the middle class.