The author of his tax plan, Treasury Secretary Mnuchin, vowed last winter that Trump’s reforms would not disproportionately benefit the rich. In fact, he went further: “Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it.”
That was then, this is now — which with Trump usually means that he was lying.
To Trump’s long list of broken promises and guarantees during his first 100 days, the Late Night host adds his recent backpedaling on the construction of the vaunted border wall. But if fans like Rush Limbaugh are disappointed, they can take comfort in one vow he may fulfill: to cut taxes for corporations, adding some big special tax benefits for the wealthiest Americans, such as the abolition of the alternative minimum and estate taxes.
While the proposed tax cuts would please those helped by them, such as multinational corporations and wealthy taxpayers, Trump’s package fell far short of the kind of comprehensive tax reform that both parties in Washington have sought for years.
As his milestone 100th day in office on Saturday nears, Trump has been scrambling to show progress on his agenda. The Trump tax plan, though meager in detail, matched up closely with the promises he made during his victorious 2016 election campaign.
Hillary Clinton proposed raising taxes on inherited property to 65 percent for the estates of billionaires as she bolstered plans for tax hikes on the wealthiest Americans.
“The first full House vote on estate tax repeal in ten years would reaffirm Republicans’ position to kill what they have long labeled the ‘death tax.'”
Real wages have stagnated for decades. Home ownership rates are down. College debt is weighing down young people entering the workforce. Millions of low-wage workers eke out a living on a minimum wage of $7.25 an hour. As the American Dream slips away for millions of people in this country, one faction of Congress is doing […]