Despite claiming otherwise (which in less polite circles would be called telling a lie), Donald Trump and six members of his inner circle will be big winners of the Republicans’ vast tax overhaul, with the president personally benefiting from a tax cut of up to $15m a year, research shows.
Republicans muscled the largest tax overhaul in 30 years through the Senate early Saturday, and in doing so, took off their masks and revealed to the world their true nature: that they only care about corporations and the wealthy, and that despite their repeated campaign promises to help the middle class and the poor, they never had any intentions of fulfilling those empty words that stir so many citizens to cast a vote against their own interests.
Congressional Republicans have argued that the tax overhaul will launch so much economic growth that it will generate additional revenue, allowing cuts to pay for themselves. But the nonpartisan Committee for a Responsible Federal Budget said that it would not generate the kind of growth needed to pay for itself, and indeed, recent estimates from the congressional Joint Committee on Taxation found that both the House and Senate versions of a tax overhaul would add around $1.4 trillion in debt in order to pay for the tax breaks for the wealthy and corporations.
There’s a reason Treasury Secretary Steven Mnuchin keeps insisting that his boss’s tax-cut plan will fully pay for itself through faster economic growth. Politics make it hard for him to say anything else. But math is not on their side. The fact is, the tax plan just doesn’t add up.