Day 169.
We are almost at the end of the first 100 days of beloved leader’s presidency. And, in typical trumpian ways, he has done nothing of any good for the 99 percent of Americans who are not rich. Oh, his administration and especially himself, are touting the first 100 days as being the busiest and best 100 days ever in the history of the presidency. But, bluster and lies don’t count, and they have accomplished nothing, as Sean Spicer would say, PERIOD.
Yet, they do continue to show just what they think of Americans. Especially those who are not part of the elite 1 percent of the wealthiest in the country. They hate us with a complete passion that even Paul Ryan has been smart enough to not display openly.
The latest example came from his “wonderful” tax reform plan. Well, it was a one page list of wishes complete with absolute lies to make it sound wonderful. It is really wonderful if you are part of the 1 percenters or if you are a company. Then, you are overjoyed with what you saw. If you are not part of one of those two groups, then maybe you shouldn’t be to excited over his wish list.
Oh, his is going to tell you that he isn’t helping the 1 percent too much because he is only bringing down the highest tax rate from 39 percent to 35 percent instead of the 33 percent he promised during the campaign. But, there are two items in his wish list that will only affect those 1 percenters and bring their taxes down even more and not yours.
The first thing he wants to do is eliminate the Alternative Minimum Tax. That is a tax level that is currently at about 28 percent that was created to keep people, especially the super rich, from getting so many deductions from other loopholes, that they would be required to pay something. The Alternative Minimum Tax cost trump himself one year $31 million dollars. No wonder he wants to see it go.
This Alternative Minimum Tax only affects people who earn over $250,000 per year. So, the 99 percent of the population that does not earn $250,000 per year are not affected by this tax. It is estimated that eliminating this tax will slash revenues over 600 billion dollars over 10 years.
The second thing is the Estate Tax. The Estate Tax was implemented because our country was so worried about “inherited” wealth creating an aristocracy that is so prevalent in places like England. It was intended so people could inherit estates but not become so über rich that they never need contribute to society.
Today, families do not pay any Estate Tax on estates up to $11 million. Meaning, only the super rich will be faced with estate taxes over that amount. Again, the 99 percent of Americans do not gain anything from the elimination of the Estate Tax. But, Republicans and the rich hate it so much they call it the “death tax” and say that you will lose your inheritance if it isn’t repealed. That is a blatant lie as you can see.
If the Estate Tax were to be repealed, a whopping 5,300 people would be affected, and all of them with estates over $11 million. Additionally, it is estimated that revenue losses would be about $174 billion.
There are some other little tidbits they don’t want you to know about. They want to reduce the rate on capital gains and non-corporate business taxes all of which mainly benefit the rich.
Additionally, they want to eliminate the Affordable Care Act’s 3.8 percent surtax on the investment income of high earners, put in place to subsidize health coverage for low-income Americans. That not only means a nice tax cut for the wealthy, but it would also mean low-income Americans would probably lose their health insurance.
There was one small crumb for the rest of us. This plan says that the first $25,000 of income would be considered “tax-free”. But, it doesn’t guarantee the standard deductions would remain in place. If that is eliminated, for us, this plan would be a wash at best.
Then we have the corporate tax rate being cut down to 15 percent. The one big item in this phase is that some owner-operated industries would now be allowed to pay the 15 percent corporate rate and not the 35 percent proposed rate for the highest earners.
What does that mean? Well, for one thing, it means that trump himself would not be subjected to the 35 percent bracket. He would be able to claim the corporate rate instead. That goes for a lot of others in the Real Estate business, or even doctors, lawyers, etc.
The plan calls for three tax brackets for individuals. Those brackets would be 10, 25, and 35 percent. So, if you now make between $19,000 and $76,000 you currently fall in the 15 percent bracket. However, there will be no 15 percent bracket. So, where they draw the lines between brackets could have a positive or negative affect on your taxes.
For example, if they draw the line between 10 percent and 25 percent at $50,000 and you earn more than that, you will pay more taxes. If you earn $50,000 or less, you may pay less taxes. The problem is we don’t know where these lines will be drawn.
Yet, experts seem to agree that if this “wish list” of tax cuts goes through, the government will lose over $5 Trillion over the next 10 years. Beloved Leader’s military build-up plan will cost about half of that total. Meaning, the deficit will literally explode.
Of course this administration is claiming that these tax cuts will cause the economy to grow about 4 percent. Their argument is the same as Reagan’s that once rich people have more money, they will invest in creating jobs. Once companies have more money they will expand production meaning more jobs. It is simply another example of “voodoo economics” that did not work under Reagan.
As for production ands jobs, let me explain it this way. Production at our manufacturing plants has doubled since 1984. That is right, production has doubled since 1984. However, this production rise is being accomplished with one-third of the workforce that was needed before 1984.
See, free trade agreements are not the only thing killing manufacturing jobs. The major culprit in killing manufacturing jobs is automation. By using robots, companies can increase production, and reduce the workforce at the same time. So all of the talk you keep hearing from Republicans about raising the minimum wage and “regulations” taking your jobs away is complete bullshit. You are losing your jobs because companies can make more product using robots than using workers. It is purely a bottom line position.
Beloved leader is no more going to “bring back jobs” than he is going to put coal miners back to work. It is a fable they are selling, and too many people are buying it. The real solution is to retrain our workforce to fill positions that cannot automate. Or, by retraining them to properly handle, maintain, and program the automated assembly line.
That will not happen under trump and Republicans in Congress because that takes money, and since you are not part of the 1 percenters, you don’t deserve to have money spent on you. As a matter of fact, it might mean no huge tax cuts for the rich, and that is totally unacceptable to Republicans.
In its first 100 days in office, this administration has shown its total disdain for the Average American. They do not care about you. They do not care if you have health insurance. They do not care if you have the proper training to get a good paying job in today’s automated world. The do not care if you only make minimum wage. As a matter of fact, the lower your wage the better for them.
None of this is new. Republicans have been singing this tune ever since Ronald Reagan. The only thing new about it is we have an administration that doesn’t care if you now know the tune as well. They are openly daring you to do something about it. They know the only thing you can do is vote them out of office, and they are counting on you not to care enough to even show up to the polls.
And, that is why 2018 will be so important for the direction of this country and your welfare. Only voters can stop the madness.
And, the shirts keep marching along.