Reich: Why Either Trump’s and Cruz’s Tax Plans Would Be the Largest Redistributions to the Rich

[pampango]

Last edited Fri Mar 25, 2016, 09:10 AM - Edit history (1)

in American History

The tax cuts for the rich proposed by the two leading Republican candidates for the presidency – Donald Trump and Ted Cruz – are larger, as a proportion of the government budget and the total economy, than any tax cuts ever before proposed in history.

Trump and Cruz pretend to be opposed to the Republican establishment, but when it comes to taxes they’re seeking exactly what that Republican establishment wants.

Trump’s proposed cut would reduce the top tax rate from 39.6 percent to 25 percent – creating a giant windfall for the wealthy (at a time when the wealthy have a larger portion of the nation’s wealth than any time since 1918). According to the Center for Tax Policy, the richest one tenth of one percent of taxpayers (those with incomes over $3.7 million) would get an average tax cut of more than $1.3 million each every year. Middle-income households would get an average tax cut of $2,700.

Bottom line: If either of these men is elected president, we could see the largest redistribution in American history from the poor and middle-class of America to the rich. This is class warfare with a vengeance.

http://robertreich.org/post/141444893405

That's 'populism' right-wing style. Go after Mexicans, Muslims, Chinese. They are the OTHER. While giving our 1% (apparently they are part of US?) what they want.

How convenient that the 'anti-establishment' republicans think that 'trickle-down' economics works for the middle class no matter how often it has failed. Or they are proposing what the 1% wants after all and don't actually care about average Americans.

Surprise! Surprise!