Get ready. Republicans want to cut taxes again.
Just months ago, Republicans got away with a massive upward redistribution of wealth, raiding $1.5 trillion from the Treasury and sticking future generations with the bill.
Now, they’re going for more.
On Wednesday, President Trump touted his ginormous, sloppily drafted, deficit-financed tax cuts, written under cover of night without benefit of hearings or experts. The whole thing was so much fun, he said, that he hopes to do it all again.
This year.
“We're actually going for a phase two which will help — in addition to middle class, it will help companies and it's going to be something I think very special,” Trump said in Missouri. “Kevin Brady is working on it with me, Congress is working, the Senate's working.”
Brady (R-Tex.), the chairman of the House Ways and Means Committee, confirmed another tax-cut bill was in the works.
“We think even more can be done,” he gushed on Fox Business News.
Larry Kudlow, Trump’s incoming National Economic Council director, has likewise declared his excitement to be slashing taxes further. During a CNBC interview, he said the next round should make the individual cuts permanent and add a cut to taxes on capital gains. Capital gains, which refer to profits on sales of capital assets such as stocks or land, had gone untouched in the law that passed in December (though they already receive preferential treatment, mind you).
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Nearly two-thirds of the tax cuts Republicans passed in December will go to the top income quintile this year, according to the Tax Policy Center . Further cuts, especially if they target capital gains, are likely to be similarly plutocratic: Households making more than $1 million account for about two-thirds of all capital-gains income, according to IRS data.
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