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Trump Tax Plan Gets Slammed From All Sides
Having failed to repeal and replace Obamacare, President Trump is betting big on tax reform to (finally) deliver him a significant legislative win. On Wednesday he called it “a once-in-a-generation opportunity.” And “probably something I could say that I’m very good at.”
We’ll see about that….
At first glance, it looks like trouble may already be brewing for his proposal. And coming from both the left and right wings.
Senator Bernie Sanders (D-VT) criticized it as breaks for the rich. “At a time of massive wealth and income inequality, President Trump’s tax plan is morally repugnant and bad economic policy,” he wrote. “The last thing we should be doing right now is providing hundreds of billions in tax breaks to the wealthiest people and most profitable corporations in this country.”
Senator Ron Wyden (D-Oregon) complained that “If this framework is all about the middle class, then Trump Tower is middle-class housing.”
“It violates Trump’s tax pledge that the rich would not gain at all under his plan by offering sweetheart deals for powerful CEOs, giveaways for campaign coffers and a new way to cheat taxes for Mar-a-Lago’s loyal members,” he added.
Meanwhile, right-wing mouthpiece The Drudge Report ran an initial headline on Wednesday that was sharply critical.
Yikes: how it’s playing on Drudge pic.twitter.com/lbggIDBnXW
— Brett LoGiurato (@BrettLoGiurato) September 27, 2017
Even before the plan’s basics were unveiled, it wasn’t looking good to average Americans. A Washington Post-ABC News poll found that 51 percent feel the plan will favor the wealthy and not the middle class. Only 10 percent think it would mainly help the middle class. And 26 percent feel it might benefit both.
The context of those opinions is revealing. Seven out of 10 surveyed already think the tax system benefits the rich over middle-class Americans. And 55 percent hold this opinion “strongly.”
As well, 65 percent think that large business corporations pay too little in taxes. The Trump plan reduces that rate from 35 percent – which the president wrongly claims is the highest in the world – to 20 percent.
Buckle up, folks. Like the effort to repeal and replace Obamacare, the tax plan fight will likely be a rough ride.