Trump’s tax plan has finally been unveiled, and it’s pretty much what you’d expect: a gift to Corporate America.
What’s going on?
Treasury Secretary Steve Mnuchin announced the administration’s plan to cut corporate taxes from 35% to 15%. Per the BBC:
Economists say the tax cuts will add trillions of dollars to the deficit over the next decade. But Mr Mnuchin said the tax plan will pay for itself "through growth, through deductions and closing loopholes".
There’s nothing novel here. This is the same old trickle-down economics promoted under Reagan and Bush. These tax cuts never pay for themselves, in part because they are incapable of spurring the growth necessary to make that happen.
Why is it important?
It benefits big business at the expense of American taxpayers. This is typical of Republican economic policy, of course.
What can I do?
Make your voice heard. Contact Congress. That’s about it at this point.
Hopefully, this tax plan will be just as DOA as the Republican attempts at repealing Obamacare.