Trump's Taxes

Trump gave himself the best Christmas Present ever. He got the Republican Congress to vote that rich real estate developers don’t have to pay any significant taxes. He overhauled our entire tax system. Congress just approved a $1.5 trillion dollar package of tax cuts which is the biggest overhaul of the tax code in over 30 years. This will push the deficit so high we probably will never recover from it. It is hard to believe that when   Bill Clinton was President we had a balanced budget.

This tax plan will also cut out a major part of Obamacare that is the requirement that most Americans buy health insurance. According to Trump, we all just don’t need health insurance. He got this victory without Democratic votes. Our government is so lopsided that we don’t need any votes from the Democrats? Trump thinks the tax cuts to the rich and corporations will lead to more jobs. Why? Corporations have already been getting steadily rich since Obama bailed out the Car Industry and Wall Street but no one is really getting better jobs or better wages. Will more wealth for the rich really change   the lives for the poor? So far nothing has changed. The rich just get richer.

This tax plan reduces the corporate tax rate from 35% down to 21%

It doubles the standard deduction for individuals and families

It doubles the child tax credit

You will see the effects in your February 2018 paychecks. Not a single Democrat voted for the bill. The corporate loopholes are worse than ever in this plan and Trump promised that he would reduce the tax brackets and this bill doesn’t do that either. The approval rating for this tax bill is below 30% and Trump’s approval rating is at 39% so the majority of Americans don’t like this tax bill or the President.

This plan represents the Republicans doing the most obscene disastrous and offensive things possible for our country. The bill prioritizes giving handout to the   wealthiest   folks over the health of millions of children. In the year that Trump has been President this bill has been the ONLY significant thing he has passed in our government. This tax bill will give the top 1% of Americans 83% of the gains. Looks like he is making his buddies great again and not America great again but he lies about everything.

After 2025, most households will see a rise in their taxes. This tax bill will immediately give the country’s seven largest banks an average 14% in earnings. So when you are a multi- billion dollar company as the seven largest banks are, they will gain a ton of money. Wells Fargo is expected to make the most money which is a tragedy since the bank is a fraud. In, 2016 Wells Fargo was fined $185 million dollars for fraudulently opening accounts. So, yeah, Trump supports criminal companies. For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees.

The executives made hundreds of millions of dollars personally when the stock price of Wells Fargo went up dramatically. His criminal type millionaire buddies win again and NOT the majority of the American people.