by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
The scam was and remains all about more greatly enriching corporate America and high-net worth households.
It’s also part of bipartisan policy to destroy social justice, essential programs eroded to fund tax cuts for the rich and pay for endless wars on humanity at home and abroad.
According to Americans for Tax Justice (ATJ), Trump’s 2017 promise of delivering a middle-class tax cut was willful deception.
A year earlier and in December, ATJ debunked the Big Lie, exposing his false promises.
ATJ: America’s richest 1% “will get an average tax cut of $50,000 in 2020, over 75 times more than the tax cut for the bottom 80%, which will average $645.”
Corporate giants are benefitting most — 91 Fortune 500 companies paying no federal income taxes last year, another 379 paying “an effective tax rate of 11.3%.”
Trump falsely claimed wealthy Americans like himself wouldn’t benefit from the 2017 tax cut, saying the following before its enactment into law:
“Our framework ensures that the benefits of tax reform go to the middle class, not to the highest earners.”
“The rich will not be gaining at all with this plan.”
“This is going to cost me a fortune, this thing, believe me. This is not good for me…I have some very wealthy friends. Not so happy with me…”
Fact: Trump benefitted from the top rate cut from 39 – 37%. He benefitted hugely from stock market gains.
He saved from “$11 – 22 million from the cut in the business ‘pass-through’ tax rate,” ATJ explained, adding:
His family “could save $4 million from weakening of the estate tax.”
He’s profiting “from real estate loopholes the new law failed to close, plus a few it added.”
DJT and his family members benefitted “by millions of (windfall) dollars.”
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