Tax reform press briefing October 31, 2017. Screenshot: YouTube
In their latest “reckless and stupid” bid to deliver massive rewards to ultra-wealthy Americans, House Republicans on Monday introduced three pieces of legislation that make up the GOP’s so-called “Tax Reform 2.0” package.
But with less than two months to go before crucial midterm elections, early estimates indicate the GOP’s proposals would blow a nearly $3 trillion hole in the federal budget over ten years while sending the vast majority of the benefits to the top. Continue reading →
“Not to put too fine a point on it, this is false” writes Jared Bernstein in response to claims by Trump’s Treasury Secretary claims that $2.4 trillion corporate tax cut will magically pay for itself. (Photo: Timothy Krause/cc/flickr)
With reports that President Donald Trump wants to slash the corporate tax rate by 60 percent and Treasury Secretary Steven Mnuchin claiming widespread cuts for the nation’s wealthy and powerful will magically pay for themselves, progressive economists and tax experts are issuing early warnings that this is simply the latest attempt by Republicans to pull the wool over the eyes of average American taxpayers.
With more details expected during an offical White House announcement on Wednesday, numerous outlets have already reported that Trump will tout cutting the corporate tax rate from its current 35 percent down to an even more paltry 15 percent. As is well known and repeatedly documented, even the 35 percent official rate is largely a mythical number that few U.S. corporations actually pay. Continue reading →