Trump Regime Plotting Another Giveaway to Super-Rich Americans
by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)
The Trump regime gives US governance serving its privileged class exclusively at the expense of most others new meaning.
After last year’s great GOP tax cut scam, Treasury Secretary Mnuchin reporting is plotting a way to hand super-rich Americans another $100 billion dollars, circumventing Congress to pull off a scheme only billionaires and millionaires could love.
The more they’re unfairly rewarded, the more greatly ordinary Americans are harmed by social spending cuts to help pay for benefitting the nation’s privileged class at their expense.
Mnuchin reportedly is exploring whether the Treasury Department can change how capital gains are calculated on equities, fixed income holdings, homes, and other assets, adjusted for inflation to create a lesser tax burden for the nation’s super-rich.
According to Center for American Progress Action Fund communications director Allison Preiss, last year’s GOP tax cut “was a con job of epic proportions.”
Trump promised “a middle class miracle.” The White House claimed average annual family income would be $4,000 higher.
According to the latest BLS data, inflation-adjusted household income this year is lower for ordinary working Americans while super-rich ones are more well off than ever.
House Ways and Means chairman Kevin Brady lied, claiming last year’s GOP tax cuts “creat(ed) a booming economy with more jobs (and) higher paychecks.”
He and other congressional Republicans are plotting “Tax Reform 2.0,” turning truth on its head, calling it a “commitment to improve the tax code.”
The scheme aims to transfer more of the nation’s wealth from ordinary people to its privileged class, a Tax Scam 2.0, polar opposite reform benefitting all Americans equitably.
Patriotic Millionaires chairman Morris Pearl blasted last year’s tax cut scam, saying it benefitted “people like me…but most Americans are still struggling.” Further tax cuts “will be just as bad.”
The idea of indexing capital gains to inflation is another scam. According to a Wharton School analysis, 97% of the savings would go to the nation’s top 10%, mostly to the top 1%.
An earlier Justice Department Office of Legal Counsel explained that Treasury has no legal authority to index capital gains to inflation by regulatory decree, circumventing congressional tax writing authority.
Under the Constitution’s Article I, Section 8, Clause 1, “the Congress shall have Power to lay and collect taxes…”
Under the 16th Amendment, Congress is authorized to collect taxes on incomes from any source.
The Trump regime is hellbent on harming ordinary Americans to benefit the privileged few while claiming otherwise.
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