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September 5, 2017 5:52 AM Age: 140 days
Tax Reform by the NumbersCategory: AC - Billboard, AC RSS, A/F News, CM News, CM Commentary & Opinion, A/F Commentary & Opinion, ERM Commentary & Opinion, ERM News, Larry Checco, GPG News
Source: Larry Checco, featured commentator
It’s unlikely that the Trump Administration will be able to pull off passing a full-blown tax reform bill any time soon, but you can bet your bottom dollar tax cuts will be heading our way. And guess who will benefit the most?
Really? Ya don’t say?
“Oh, stop pretending this is about letting ‘families’ keep more of their money. HALF OF AMERICAN DON’T PAY TAXES! This is for Wall Street.”
I didn’t say that! That’s a recent tweet from no other than ultra-conservative and one-time full-throated Trump supporter Ann Coulter, who appears to have come down with a severe case of strep.
I don’t normally agree with this woman on anything, but this time she nailed it.
Let’s look at some numbers that support Ms. Coulter’s case.
Nearly half of families in America could not come up with $400 in an emergency, according to a recent survey released by the Federal Reserve. The survey found that 44 percent of respondents could not come up with $400 in a pinch without borrowing or selling something.
Hell, it costs more than that to replace a broken washing machine. I should know. I was just in that situation.
Here’s another set of numbers to chew on.
Let’s say you inherited $1 million. If you spent $1,000 a day, it would take you about three years to go through your entire inheritance. That’s a lot of spending over a relatively long period of time.
Now, let’s say you inherited $1 billion dollars, and you spent that same $1,000 a day. It would take you 2,700 YEARS to spend it all.
If Donald Trump is worth the $10 billion he says he’s worth, it would take him 27,000 years to go through his fortune. With that time frame, the sun could explode and the Earth be nothing more than a piece of charcoal.
Remember, nearly half of his fellow citizens can’t come up with enough cash to replace a washing machine.
Here’s a few more few numbers to contemplate.
“The world’s wealthiest subset—the 1,426 richest individuals on the planet—are worth $5.4 trillion, which is…more than the combined assets of the 250 million least wealthy Americans,” reports Edward Luce in his alarming new book, “The Retreat of Western Liberalism.”
That’s a lot of bananas owned by a relatively few plantation owners.
But let’s get back to tax cuts.
Budget analysts have found that a large portion of the benefits from tax cuts outlined by the Trump Administration would be enjoyed by the wealthiest Americans.
“The Tax Policy Center,” reports the The Washington Post, “estimates that 40 percent of the [proposed] tax cuts would go toward the top 1 percent of U.S. earners -- or those who make more than $732,000 a year.”
Let’s say you’re a middle-class American earning $50,000 a year. It would take you nearly 15 years just to earn the annual income of that one 1 percenter. Yet that person will claim the lion’s share of whatever tax cut comes down the pike.
The myth we’ve been sold for the past 40 years has been one of trickle down. Give enough money to the rich and they will create the jobs and provide the kind of incomes that will raise all boats.
Poppycock! The only thing that’s trickled down over the decades is misery for the working class. Wages remain pretty much stagnant and middle-class families continue to lose ground.
If you don’t believe me, let me once again quote my good friend Ann Coulter.
“Bush cut taxes!” Ms. Coulter recently tweeted. “Did it create millions of jobs? Nope. The rich pocketed their tax cuts & sent jobs abroad, hired guest workers. F—them.”
Thanks, Ann, I could not have said it better myself.
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