The Trump tax plan: More money for the oligarchs
28 April 2017
In presenting the administration’s tax plan at a White House press briefing on Wednesday, Trump’s top economic advisers, Gary Cohn (net worth $610 million) and Steven Mnuchin ($500 million), both former Goldman Sachs bankers, could barely contain their glee over the prospect of a massive transfer of wealth to themselves and their fellow oligarchs.
Cohn, the director of Trump’s National Economic Council, set the tone, gushing: “This is quite an historic day for us and one that we’ve been looking forward to for a long time… We have a once-in-a-generation opportunity to do something really big.”
The “really big something,” as the one-page handout to reporters made clear, is a plundering operation that will shift trillions of dollars from the federal Treasury to the bank accounts of the rich and the super-rich. The aim, besides adding to the obscene wealth of the financial aristocracy, is to starve and eventually eliminate basic social programs such as Medicare and Social Security.
The proposals outlined by Cohn and Mnuchin include:
• Abolishing taxes that impact only the rich, such as the estate tax, the alternative minimum tax and a capital gains surcharge for Obamacare;
• Cutting the corporate tax rate as well as the rate for business profits taken as personal income from 35 percent to 15 percent; and
• Reducing the top income tax rate from 39.6 percent to 35 percent.
The administration is also proposing to eliminate the taxation of profits made by US-based corporations outside the country, along with a one-time tax incentive for corporations to repatriate trillions of dollars in profits held in offshore accounts.
The list of demands totaled a mere 200 words. In reality, the agenda could…