FORTUNE: Trumps Tax Cuts Are the Biggest Wealth Grab in Modern History
On Nov. 2, Republicans in Congress finally released the details for their tax plan. The Tax Cuts and Jobs Act is a massive overhaul of the tax code and spending priorities—and nothing short of a boon to the very wealthy at the expense of everyone else.
I’m old enough to remember way back to Nov. 1, when CBS released a poll showing most Americans wanted to see the wealthiest households and biggest corporations pay more, not less, in taxes. This is in sync with poll data from Gallup, collected year after year since 1992, that shows a solid majority of Americans believe the wealthy pay too little in taxes.
Given such overwhelming support for raising, not cutting, taxes on the wealthy, it makes sense that President Donald Trump and his allies in Congress would present their tax plan as benefiting the middle class rather than the rich. It’s about “people who are low- and middle-income,” says House Speaker Paul Ryan, “not about people who are really high-income earners getting a break.” Trump has even claimed “the rich will not be gaining at all with this plan.”
Unfortunately, those are bald-faced lies.
http://fortune.com/2017/11/03/trump-gop-tax-plan-cuts-2017/
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