Taxes

Republicans are shameless liars — especially when it comes to selling corporate care as populism. Take their tax cut bill.

The cherry on the cupcake is the cut of the corporate tax rate from 35% to 20%. This cash-back to business is sold as a ‘job creator’ and ‘wage booster’ — but the real beneficiaries are the stockholders. How giving more money to companies, which are already sitting on a pile of cash, creates jobs is anybody’s guess.

If Republicans were serious about creating jobs, they would do better giving the cash to the paycheck-to-paycheck crowd – who would then spend it on stuff. And that demand would create jobs.

But the Republican tax plan is merely rehashed ‘trickle-down’ malarky in a new suit. I guess the GOP realizes that proposing income tax cuts for the wealthy are a political non-starter.

But let’s not worry about the 1%, they don’t get their wealth from a paycheck. They are taken care of.  The plan calls for the elimination of the alternative minimum tax, the retention of pass-throughs and carried interest — and the end of the estate tax. All of which overwhelmingly benefits rich folks.

There is some sugar for lower-income workers with the doubling of the standard deduction, although you lose the child deduction, which may be offset somewhat by an increase in child tax credits. So much for simplicity. But back to the pain. The middle class loses its state & local income tax deduction. As well as the deductibility of mortgage interest on loans over $500,000 and on second homes. And if you borrowed money to go to school —  sorry —  your student loan interest deduction goes away.

The GOP’s desire to suck up to their paymasters is so great that they have given up even pretending to care about the deficit. Sure there is the usual “we’ll unleash so much economic activity the cuts will pay for themselves, ” but their heart isn’t in it.

It is stunningly cynical. They can’t boast enough about how great the economy/stock market is doing one minute — but in their next breath weep that without their tax cuts the economy will stay mired in a slough of despond.

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