US President Donald Trump, in partnership with
congressional Republicans, is pursuing tax cuts that will blow up the
fiscal deficit and add to the public debt, while benefiting the rich at
the expense of middle- and working-class Americans. Once again, Trump
has not hesitated to betray the people he conned into voting for him.
NEW
YORK – After multiple failed attempts to “repeal and replace” the 2010
Affordable Care Act (Obamacare), US President Donald Trump’s
administration now hopes to achieve its first legislative victory with a
massive tax giveaway that it has wrapped in the language of “tax
reform.” To that end, Republicans in the US Congress have just unveiled a
bill that, if enacted, could vastly widen the deficit and increase the
public debt by as much as $4 trillion over the next decade.
Worse still, the
Republican plan is designed to funnel most of the benefits to the rich.
It would lower the corporate tax rate from 35% to 20%, reduce the tax on
capital gains (investment profits), eliminate the estate tax, and
introduce other changes that benefit the wealthy.
Like the Republicans’
health-care proposals, their tax plan offers little to struggling
middle- and working-class households. Trump continues to govern as a
pluto-populist – a plutocrat pretending to be a populist – who has not
hesitated to betray the people he conned into voting for him.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
No comments:
Post a Comment