But A Stab In The Back Of The Poor And Needy
The biggest talk over the past few months on this side of the pond has been the Trump’s Tax Cut.
It reaches its climax on Friday when President Trump signed the $1.5 trillion tax overhaul into law.
President Trump has dubbed the tax cut as “the largest tax cut in the history of our country.”
However, experts have argued to the contrary as an analysis by the Committee for a Responsible Federal Budget found that Trump’s tax cuts would be the eighth biggest since 1918.
As a percentage of the total economy, it argued that Reagan’s 1981 cut is the biggest followed by the 1945 rollback of taxes that financed World War II.
Trump’s plan is also said to be smaller than cuts in 1948, 1964 and 1921, and probably in other years.
However, don’t tell that to Donald J. Trump who boasted time and again that his tax cuts are not only the biggest but also will create thousands of jobs, bring back companies to the U.S., and put money in the middle-class pockets.
He is again, however, wrong on all fronts as the nonpartisan Tax Policy Center estimates the biggest benefit of the new law will go to households making over $300,000 as well as corporate companies.
Moreover, analysts have called the idea of a jobs boom from the tax plan “a lot of smoke and mirrors,” especially because the unemployment rate is just 4.1% and companies already have plenty of cash to make investments.
The fact is Trump along with his cheerleaders — members of the Republican Party and lobbyists have duped the American populace by setting up themselves for a financial windfall while increasing the deficit which future generations will have to pay off.
Readers Bureau, Contributor
Edited by Jesus Chan
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