The über rich few wealthiest elites and ginormous corporations who already have the most got all the benefit of Trump’s tax bill, they got it up front, and they will continue to get it as long as this pernicious evil is allowed to stand.
The tax hit for everyone else came later — when they did their taxes and saw that the teensy weensy increase in their take home pay was at the expense of future refunds, that they would lose many middle-class exemptions and benefits, actually raising their taxes and now, of course, as Toles rightly notes, in the tariffs that will be paid by small farmers, small businesses and consumers. (And unlike tax giveaways and corporate welfare for the rich, what nominal reductions in the tax RATE for workers are temporary and, in any case, are offset by lost deductions and the costs of increased deficits that force interest rates up — good for those who COLLECT interest, not for those who pay interest.)
And many of the products hit hardest will be agricultural products produced in Trump-supporting states (the Chinese have targeted their retaliation to hit Trump supporters). Many markets that sold to China are now seeing RUSSIA pick up those sales, which will never come back. PUTIN WINS AGAIN.
And middle America farmers will be put out of business or suffer enormous losses.
While Trump was LYING about “cow farts” in the Green New Deal to scare farmers, he was busy working with Putin to take over the sales of products that used to be grown, harvested and sold by Americans.
April 12, 2017
June 09, 2017