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President Trumps Laughable Plan to Cut His Own Taxes
As a rule, Republican presidents like offering tax cuts, and President Trump is no different. But the skimpy one-page tax proposal his administration released on Wednesday is, by any historical standard, a laughable stunt by a gang of plutocrats looking to enrich themselves at the expense of the country’s future.
Two of Mr. Trump’s top lieutenants — Steven Mnuchin and Gary Cohn, both multimillionaires and former Goldman Sachs bankers — trotted out a plan that would slash taxes for businesses and wealthy families, including Mr. Trump’s, in the vague hope of propelling economic growth. So as to not seem completely venal, they served up a few goodies for the average wage-earning family, among them fewer and lower tax brackets and a higher standard deduction.
The proposal was so empty of illustrative detail that few people could even begin to calculate its impact on their pocketbooks. Further, depending on where they live, some middle-class families might not benefit much or at all, because the plan does away with important deductions like those for state and local taxes.
As to the rationale offered up by Mr. Mnuchin and Mr. Cohn, even many conservative economists believe that the argument that tax cuts will pay for themselves, by increasing investment and creating jobs, is the same supply-side fantasy that has repeatedly been proved wrong. This durable nonsense would instead add mightily to a federal debt that Americans will be paying off for generations to come.
Two of Mr. Trump’s top lieutenants — Steven Mnuchin and Gary Cohn, both multimillionaires and former Goldman Sachs bankers — trotted out a plan that would slash taxes for businesses and wealthy families, including Mr. Trump’s, in the vague hope of propelling economic growth. So as to not seem completely venal, they served up a few goodies for the average wage-earning family, among them fewer and lower tax brackets and a higher standard deduction.
The proposal was so empty of illustrative detail that few people could even begin to calculate its impact on their pocketbooks. Further, depending on where they live, some middle-class families might not benefit much or at all, because the plan does away with important deductions like those for state and local taxes.
As to the rationale offered up by Mr. Mnuchin and Mr. Cohn, even many conservative economists believe that the argument that tax cuts will pay for themselves, by increasing investment and creating jobs, is the same supply-side fantasy that has repeatedly been proved wrong. This durable nonsense would instead add mightily to a federal debt that Americans will be paying off for generations to come.
https://www.nytimes.com/2017/04/26/opinion/trumps-laughable-plan-to-cut-his-own-taxes.html
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