estimates by the
joint Taxation Committee
rich come out ahead
There are one million American households with incomes above $1 million a year. Based on estimates by the Joint Committee on Taxation, in 2027 they would pay a staggering $96 billion less in taxes. That’s a bigger gift than what the households making less than $100,000 a year would receive, combined, even though there are 127 million of them. That amounts to an average tax cut of $82,000 apiece for millionaires, compared with $750 for the working and middle classes. (That’s bigger as a percentage of income, too. However you slice it, the rich come out ahead.) And for millions of families, those tax savings would be dwarfed by the cost of losing their Medicaid as a result of the cuts in the bill.
From the New York Times Opinion piece, Behold the New Tax Plan: More Complicated, Less Fair, Totally Unaffordable, by Jason Furman.
Mr. Furman, a contributing Opinion writer, was the chairman of the White House Council of Economic Advisers from 2013 to 2017, kinda sums it up for me.
The rich, the one million millionaires who will come out ahead if the new Big Beautiful Bill is signed into law.
Mr. Furman ends his article that the only thing going for this bill is that, at the end of the day, it IS legislation that was created in the way we were taught in high school government class that tax bills were created, voted on, passed by Congress and signed by the person in office.
Aside from that ….
So I ask myself, why?
Why do these people fall all over themselves to applaud that feller in the Oval Office in the way minions applauded leaders like Saddam Hussein and Joseph Stalin with each person looking left and right to make sure they were not the first to stop applauding.
In another really good read, Brexit’s Failures Could Foreshadow Trump’s. Just Not in the Way You Might Think, by David Runciman, a professor of politics at Cambridge University and the author of “How Democracy Ends,” I found what think is the penultimate clue to understanding what is going.
Mr. Runciman writes, “Trump’s project is to restore the United States to its imagined past glories, to forge an America indifferent to the wider world, which makes Britain a hanger-on, hoping for a lucky break along with everyone else. Trump has little time for the ambitions of other countries when he is so wrapped up in self-centered fantasies of his own.“
The toadies, for lack of a better and not sure there is a better word, are hoping for a lucky break along with everyone else.
If they support the guy, maybe, just maybe, the guy will smile benevolently on them and reward them in way only a multi-billionaire can.
It’s playing the lottery and hoping for a big payoff and like the lottery its possibilities outweigh any misgivings.
But playing the lottery only asks for you money.
Playing that guy asks for your integrity.
Playing that guy asks for your soul.
Choose wisely.
The rewards may be less and the price may be higher than you think.
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