Trump’s BS Tax Scam Will Give So Much Of Your Money To Billionaires You’ll Blow A F*cking Gasket
The GOP Tax Plan will give even more money to billionaires!
In the waning weeks before Christmas, the Republican tax plan has unfortunately not gone away. We reported on its dangerous provisions on Saturday, noting how it significantly hurts the middle class by defunding the public school system, repealing the individual mandate of the Affordable Care Act, and likely sending the economy into another depression courtesy of exponentially increasing the debt by $1 trillion.
But those were just the impacts on the lower socioeconomic classes. The next question is how will this proposal affect the rich Americans who clearly lobbied for this disaster to be passed? Like most future conjectures, it is hard to put a raw number on the chronic impact of legislation. However, when it comes to just the estate tax, the figures are very disturbing.
Related: The GOP’s List of ‘Economists’ Backing Their Tax Scam Includes Office Assistants, Ex-Felons, and Dead People
Kate Harloe of Mother Jones has written up a strong assessment of just how much money the 15 wealthiest families in the country will save, courtesy of information provided by the advocacy group “Americans for Tax Fairness,” if the estate tax is eliminated as outlined in the Tax Cuts and Jobs Act of 2017. For starters, the grand total will be over $300 billion, with the infamous Koch Brothers alone account for 13 percent of that.
In other words, that is $300 billion that will not be put into the economy all because the top one percent refuses to pay their fair share of taxes. And we emphasize the top one percent as, contrary to what the Republicans claim, the ultra wealthy are the only individuals affected by it.
Harloe goes on to point out an even deeper corruption within the bill, which is of course the amount of money Trump himself will save if the estate tax is repealed. While much has been made about whether or not Trump is actually a billionaire, especially with his continued refusalt to release his tax returns, there is no doubt in anyone’s mind that he at least has millions of dollars in assets. Well, with the estate tax gone, his greedy children will save $1.24 billion in taxes.
Compared to the 15 other people on the list, including Mark Zuckerberg and Jeff Bezos, Trump’s savings are relatively smaller. At the end of the day, though, we are talking about billions of dollars that will have to be made up through other capacities, and that will most likely fall on the shoulders of working class taxpayers.
Watch Journalist Jane Mayer’s Exposé of the Koch Brothers:
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