Wednesday, October 18, 2017

COTW: Pass the Cool-Aide

Der Leader is adhering to his plutocratic roots with the introduction of tax 'reform' that favors the rich over the working classes.  Under the proposed plan the billionaire could get a $23 million tax cut according to a study released by Senate Democrats.  The fact is real wages, that is adjusted for inflation, have been falling since the late sixties. This chart only shows the change since 2007:

All percentiles except the top 5% have experienced declining real wages.  Yet the tax burden has fallen more on peoples' payroll income as this chart shows:

Corporate taxes and individual income taxes which Trump proposes to reduce further would have to be made up with more revenue from payrolls.  Average tax rates for high-income individuals whose individual income is mostly from investments and corporate earnings have  substantially dropped.  Average tax rates for the middle 20% has remained relatively flat.

In short, the very rich like Trump are already getting a significant tax break in historical terms, with the middle and working classes taking up the short fall in revenue.  Are 'Mericans once again going to drink the cool-aide of 'less tax means more jobs' as the plutocracy attempts again to satisfy its never ending greed for more?  Stay tuned--if you can get past the tawdry tit for tat that dominates the mass news cycle.