Trump's Socialism For The Rich

The Trump administration can't say whether or not it's tax reform will help the middle class.

For once - at least - they're being honest.

As it stands right now, the Trump tax reform is just glorified socialism for the rich.

The details are still fuzzy, but according to an analysis in the New York Times, Donald Trump's tax reform plan is essentially a wealth redistribution plan.

The Times interviewed a number of tax experts and found that Trump's plan

"...amounts to a multitrillion-dollar shift from federal coffers to America's richest families and their heirs."

Republicans have literally one idea (cut taxes for the rich) and it never EVER works.

If we really want to reform the tax code, why don't we just roll back the Reagan tax cuts?

Comments

Legend 7 years 7 weeks ago
#1

The one Goldman Sachs guy I saw selling it on TV used the do not want to lose the farm excuse for the no inheritance tax. So write a farm clause. And he justified doing away with the Alternative Minimum Tax because you have to do your taxes twice to figure it out. Even though it is automatically calculated on all tax software. You would only have to calculate your taxes twice if you were doing them by hand, which nobody does in this day and age. It was blatant lie. The real reason is a huge tax cut for the very wealthy. Trump is first in line.

chuckle8's picture
chuckle8 7 years 7 weeks ago
#2

Per Larry Beinhart, the Kennedy tax cuts also hurt the economy. We should roll those tax cuts back also.

It is true that the Kennedy tax cuts were revenue neutral. However, revenue is not the economy. I like Larry Beinhart's metrics for deciding how good the economy is. Larry uses the GDP (the most popular measure) but he also includes the DOW, the median annual income, and the number of jobs. The metrics, of course, are inflation adjusted.

As Thom often points out, taxes have both a carrot and stick effect. It seems that cutting the top tax rate, as Kennedy proposed and LBJ did, weakens the stick.

chuckle8's picture
chuckle8 7 years 7 weeks ago
#3

Legend -- The thing that gets me about the "lose the farm argument" is that the current inheritance tax loophole does provide $5 million. It seems if the heirs cannot keep the farm with a $5 million handicap, maybe a more capable farmer should takeover.

deepspace's picture
deepspace 7 years 7 weeks ago
#4

One person's socialism is another person's tax cut; one person's tax cut is another person's deficit; one person's truth is another person's lie. It should be great fun watching these stumblebums pick their way through a self-made ideological minefield, waiting for the next half-baked "plan" to blow up in their lily-white faces ...again.

Tictoc, time is running out on the legislative calendar to accomplish at least one damn thing of substance before it's time to start campaigning for 2018. The self-serving, incompetent nitwits will need to put a lot of distance from the fact that they can't govern, before trying to convince a much wiser, albeit traumatized, electorate that it's all the fault of those wascally Democrats.

By then, unfortunately, the Obama/Hillary phony excuses will be awfully stale. Plus, lobbing bombs around and ginning up wars only fools some of the people some of the time. And 4 a.m. tweets? Boring!

Legend 7 years 7 weeks ago
#5

Chuckle8, It is not about inheritance tax on Farms worth more than 5 million (%?) it is about kochs $85 billion or Trumps $10 billion to those arrogant sons. But I am sure that you are aware of that.

Hephaestus's picture
Hephaestus 7 years 7 weeks ago
#6

Sadly the US is now a Fascist nation

Accompished almost silently

Two World Wars were fought to defeat Fascism and many, many lives were lost

Looks like apathy, induced by those who intended, has almost been achieved

This without a death

Certain historical figures would be now proud of what has been achieved

wmleidy's picture
wmleidy 7 years 7 weeks ago
#7

having witnessed the effect of the reagan era tax cuts as a cpa, i can tell you the positive effect on the wealthy was significant, and the removal of deductions for the working classes was equally destructive. the tax rate cuts along with inheritance tax cuts was a reagan era wealth transfer pure and simple. but the largest transfer of wealth in history occurred during the george w bush years, when the world war 2 generation began to die off, and temporary inheritance tax cuts allowed billions upon billions to move tax free to the baby boomer generation. and now we have trump tax cuts and most americans are scratching their heads not knowing what to think about it. there has to be a way to educate the electorate on what they are giving away. and yes, thom is right on, reverting to the pre reagan tax codes would swing the pendulum back from plutocrat wealth building to america's backbone, the working men and women who deserve a break and aren't getting it.

mike marlowe 7 years 7 weeks ago
#8

Mr. Hartmann,

What can we expect from number 45 ? I call him 45, because I can't bear

to address this charlatan by his name. Anyway, I didn't think it could get

any worse, after Reagans horrible eight years of deregulation and tax

benefits for the wealthy. But here we go again ! I often wonder if

republicans ever get tired of sitting on their hands. Talk about the

do nothing party. Oh, except when it comes to lining the pockets

of the rich. Like a good friend of mine said; if you're not appalled,

you're not paying attention. Unfortunately, the other camp is

sickened by these incredible missteps by number 45 and his band

of not so merry men.

Respectfully.

Mike D. Marlowe

2950-10K's picture
2950-10K 7 years 7 weeks ago
#9

More than two-thirds of Americans think the rich and corporations pay too little in federal tax. This indicates that many of these same Americans were either foxmerized when they voted Republican, or there was massive election fraud.....or both.

Tax the rich, implement single-payer, strengthen Social Security, and create a living minimum wage......all desired by the vast majority, and all hated by the billionaire's Republican Party. Obviously many voters are confused by fascist propaganda.

deepspace's picture
deepspace 7 years 7 weeks ago
#10

Also, ban the real terrorists: Trump and his cabinet; the NSA; the CIA; the FBI; Homeland Security; Pentagon warmongers; "defense" contractors; oil tycoons; billionaire Wall Street hucksters; the Koch network; the NRA; white Trump supporters who throw punches at rallies; white radical Christianists; white supremacists; white males who gun people down; white racist cops; Border Patrol thugs; Rush Limbaugh; Sean Hannity; Alex Jones; Bill O'Reilly; all their wannabes who spit out lies and hate at minorities; Republicans in red states who use "Interstate Crosscheck;" Republicans in red states who legalize voter suppression; Republicans who don't accept global warming as science; Republicans who sold our privacy to the highest bidder; Republicans who try to profitize schools and prisons; Republicans who try to take away "net neutrality;" Republicans who try to take away people's healthcare; Republicans who try to take away people's retirement; Republicans who try to suppress worker's wages; Republicans who try to redistribute wealth upwards; Republicans in the House; Republicans in the Senate; Republicans still breathing...

...and, especially, all turncoat corporate Democrats hiding under rocks.

Jesus Herkimer Christ, that's half the gawdamn nation! Probably be easier just to let 'em have the whole fascist mess so they can destroy it from within. Oh wait, that's what Trump voters and non-voters already did!

It will be a ruined hellscape for sure, but maybe someday the rest of us can pick up the pieces, if there's anything left to salvage, and try to reboot Jeffersonian Democracy. Hopefully, the damn fools will not have pushed the climate over the tipping point by then.

gloriapower's picture
gloriapower 7 years 7 weeks ago
#11

This is going to be worse than Reagan, Bush, and Bush combined. I want real tax reform where the cap is removed Social Security and the poor pay no taxes.

Dianereynolds's picture
Dianereynolds 7 years 7 weeks ago
#12

Something for leftie/socialists to gnaw on:

"Why did Trump win? New research by Democrats offers a worrisome answer."

"Top Democratic pollsters have conducted private focus groups and polling in an effort to answer that question, and they shared the results with me.
One finding from the polling stands out: A shockingly large percentage of these Obama-Trump voters said Democrats’ economic policies will favor the wealthy — twice the percentage that said the same about Trump. I was also permitted to view video of some focus group activity, which showed Obama-Trump voters offering sharp criticism of Democrats on the economy."

https://www.washingtonpost.com/blogs/plum-line/wp/2017/05/01/why-did-tru...

Legend 7 years 7 weeks ago
#13

Diane, Your post, although off subject, shows the lack of education in America and the brainwashing by the right wing 1% owned and operated mainstream media. The Republican Party has many voters that should be Democrats. Blue collar Male voters hated Hillary. They ignored her experience. It was the fact that she was female and they did not like her cackle. Women like you voted to receive 75% for the rest of their career. You should only vote Republican if you are in the 1%. That is all that they care about. Throughout the Obama Administration ignorant voters blamed him for virtually everything and ignored what Congress and the Senate was doing to obstruct everything. With this current administration your type will get their payback. Hope that you enjoy it.

Dianereynolds's picture
Dianereynolds 7 years 7 weeks ago
#14

My post is dead on topic. It shows how far out of touch you leftie/socialists really are. Your BS about the right biased media is just that, BS. Ever watch television news? I didn't think so. You have stated you listen to podcasts. Turn on the television and pick any channel but FOX and come back and tell us they lean conservative. When you have completed that task, come back and report.

Sorry you have been a financial failure but I worked hard, planned, saved and resist giving it to those who think they can spend it better than I can, ie. the Govt.

So stop telling me how I should vote and stop hating women. As for Hillary, what a joke. You all got strung along by her machine and still caved in to support her when it was exposed.

One Supreme Court judge done, two more to go. Thank you Harry Reid.

Legend 7 years 7 weeks ago
#15

The topic was Trumps Tax Reform. You were off topic. Now you have a POTUS telling you to listen to Fox News and that MSNBC and CNN are Fake News. Eat it up. Now you explain to me why the billionaire CEO's of ABC, NBC, MSNBC, CBS and Iheart radio would broadcast liberal media when they are ultra conservatives? MSNBC your idea of a liberal station was a leader in getting Trump elected.

About my Financial status your assumptions are exactly that, assumptions.

About Trumps Tax Reform, who do you think will benefit the most from it?

Legend 7 years 7 weeks ago
#16

This site shows graphically why Trump won.

http://television.gdeltproject.org/cgi-bin/iatv_campaign2016/iatv_campai...

The media knows what it is doing and what works. They spend tons of money (that they make off of the campaigns advertising) researching it.

Dianereynolds's picture
Dianereynolds 7 years 7 weeks ago
#17

@#15 & 16

The topic is President Trumps tax reform and how bad it is in the mind leftie/socialists. Trump got elected on a very few points. Tax reform was one of them. His voter base knew that was a priority, so my comments that you and other leftie/socialists are out of touch with mainstream voters are very well founded.

I don't give a red rats ass if Trump makes billions more after he leaves office. I, unlike you, do not harbor animosity for the wealthy. I see no reason for the government to confiscate money from them and Hartmann's comments that nobody should be allowed to keep more than a certain amount that he deens accepatble, tells me he sits far left of socialism.

President Trump praising Fox is very reminiscent of Obama telling us deplorables not to watch Fox News. How quickly you forget that little tidbit. I will watch them all and determine for myself what my position will be.

Your belief that because a name is frequently mentioned in the media, that alone will propel them to victory is a joke. If that gives you solice, good on you but to the best of knowledge, it was no help for Anthony Weiner.

Again, watch the evening news and get back to us with any positive comments about President Trump from a source other than Fox.

I anxiously await tomorrows report.

Legend 7 years 7 weeks ago
#18

Advertising works. If it is all bad publicity as in Weiners case it will work against you. Colgate, Budweiser, car dealers etc. advertise because it works. Trump was on air by far more than any other candidates. Even Hillary was on air by far more than Bernie during the primary. The 17 clowns running against Trump did not stand a chance against the master of reality TV. As you can see by the charts MSNBC was number 1 at giving Trump air time, with most of it on conservative Joe Scarborough. The media executive knew what they were doing. Maybe you should take Marketing 101 at your local Junior College.

Obama was interviewed by Fox News several times. Also on Bill O'Reilly superbowl interview, watched by millions. Do you think we will see Trump on Rachael Maddows number 1 rated show?

Dianereynolds's picture
Dianereynolds 7 years 7 weeks ago
#19

A perfect example of how f'ed up the democrat party is.

Take your pick.

http://www.nydailynews.com/newswires/new-york/clinton-blames-misogyny-fb...

deepspace's picture
deepspace 7 years 7 weeks ago
#20

"The test of our progress is not whether we add more to the abundance of those who have much it is whether we provide enough for those who have little." --Franklin D. Roosevelt

"We all do better when we all do better." --Paul Wellstone

"I don't give a red rats ass if Trump makes billions more after he leaves office." --Diane Reynolds

Lightengine's picture
Lightengine 7 years 7 weeks ago
#21

Socialism always fails because it kills enlightened self interest which is the most important driver for value creation. No one will work hard to create value if it is given away to someone else who does not work to create value.

We perpetuate poverty by confusing it with the deprivation it causes. Deprivation is need, want, or loss. Poverty is the inability to create value for yourself and for others. To be enabled to create value the individual must have everyone of five resources: 1. A strong sense of positive persistence, 2. Knowledge of ways to create legitimate value, 3. Enterprises to provide the tools with which to create value, 4. Health and Hygiene, and 5. Security of rewards and security of person.

Corporate income tax used to be a major percentage of Federal revenue. Now it is less than 12% because of tax lawyers and off-shoring of manufacturing. We have little revenue to loose by reducing the corporate income tax rate from the world high of 35% down to 15%. This will bring back job creating business to the U.S.

The 2015 trade deficit was 50% China, 10% Germany, 9% Japan, 8% Mexico, and 23% other nations. By commodity it was 43% apparel, 23% automotive, 19% energy, 11% electronics, and 4% steel.

Our national economy is in a death spiral right now because of the trade deficit. Tariff free trade is only free when it is balanced. The trade deficit sucks half a trillion dollars out of our banks every year and eliminates the demand for at least 50 million jobs which makes our taxable economy too small to support Federal spending. The only effective solution is to enact indexed tariffs over three to five years on imports by nation that exceed our exports to them. Since 1998 and renewal of China Most Favored Nation, the trade deficit has been driving the Federal deficit and the trajectory is now almost straight down. If we do not balance our trade accounts soon we will have a worldwide economic disaster caused by frozen liquidity.

Dianereynolds's picture
Dianereynolds 7 years 7 weeks ago
#22

Lightengine,

WHAT? Are you saying confiscating all the money from "rich people" and dropping it from airplanes into the laps of those sitting in front of their computer won't incite them to climb out of mom's basement and get a job?

The next concept you may try and shove down our throats is "corporations don't pay taxes, their customers do"

Good luck selling that tripe to those here who cry for redistribution and will never forgive their parents for being "white"

And one for Mr. Ed who likes word salads,

"Teddy Kennedy was the only confirmed kill in the war on women.” Ann Coulter

Legend 7 years 7 weeks ago
#23

They want to take it all. they want CEO's to make millions of dollars but do not want to pay overtime for the low wage workers. Now that they have killed Unions they will get away with it. This drastically affect millions of Trumps blue collar voters. Wake up you fucking idiots!!!!!

https://www.washingtonpost.com/news/on-leadership/wp/2017/05/02/house-re...

deepspace's picture
deepspace 7 years 6 weeks ago
#24

Granny,

Really? Ann Coulter? (facepalm) That explains a lot...

Salads are very healthy for you, by the way, especially at your age, so I'm glad that you enjoy them and am honored to accommodate. Since you and your other (very strange) moniker, Ou812, always seem to be in a funk, so angry and confused, a hearty fare now and then is good for the heart, mind, and soul to elevate those ugly moods and to put a smile on your face, as you always say.

C'mon now, admit it; that's why you love to hang out here at Thom's blog. Listening to liberals discuss issues in the light of reality and truth is such a breath of fresh air, which whets your appetite for more and fulfills that deep-seated need to expand your horizons -- real inspiration that you just can't find anywhere else, especially on all those Republican lie and hate sites. (BTW, do you post on those too? Just curious.)

Otherwise, why do you keep coming back? No, really, why are you here?

I have to assume it's because you are hungry for more enlightenment, so here is another special salad that I tossed just for you called, "War on Women ...and I sure hope you're not bleeding out of your whatever." It's a delicious blend of red meat (wink wink, nudge nudge) with just a dash of incest and pedophilia. If your desire is perked, be sure to follow the link at the bottom for extra helpings.

As an added bonus, since you like to quote shallow, self-absorbed egomaniacs -- like Ann Coulter, who will say anything to stay relevant (sad) and is not at all shy about spouting beyond-the-pale pure garbage just to get attention (or perhaps to sell a book) -- you get to guess who this genius is. (Hint: he's someone close to your heart who matches your intellect.) Enjoy:

"You have to treat 'em like sh*t."

"You know, I’m automatically attracted to beautiful — I just start kissing them. It’s like a magnet. Just kiss. I don’t even wait. And when you’re a star, they let you do it. You can do anything. Grab ’em by the pussy. You can do anything."

“I moved on her and I failed. I’ll admit it, I did try and f*ck her. She was married. ... And I moved on her very heavily. ... I moved on her like a b*tch, but I couldn’t get there."

"You know, it doesn't really matter what [they] write as long as you've got a young and beautiful piece of ass."

“I have a deal with her. She’s 17 and doing great ― Ivanka. She made me promise, swear to her that I would never date a girl younger than her. So as she grows older, the field is getting very limited.”

"You know who's one of the great beauties of the world, according to everybody? And I helped create her. Ivanka. My daughter, Ivanka. She's 6 feet tall, she's got the best body. She made a lot money as a model—a tremendous amount"

“If Ivanka weren’t my daughter, perhaps I’d be dating her.”

Asked by Williams what she and her father had in common, Ivanka replied "either real estate or golf." Her father? He said: "Well, I was going to say sex, but I can't relate that to her" - pointing at his mortified daughter.

“Now, somebody who a lot of people don’t give credit to but in actuality is really beautiful is Paris Hilton. I’ve known Paris Hilton from the time she’s 12, her parents are friends of mine, and the first time I saw her she walked into the room and I said, ‘Who the hell is that?’” Stern: “Did you wanna bang her?” Trump: “Well, at 12, I wasn’t interested. I’ve never been into that ... but she was beautiful.” He went on to admit he'd watched her sex tape.

"Leering at a 10-year-old girl ... watching a group of young girls going up the escalator in Trump Tower: 'I am going to be dating her in 10 years. Can you believe it?' he is heard saying of one of them. He was 46 at the time."

For (a lot) more greatest hits:

http://www.telegraph.co.uk/women/politics/donald-trump-sexism-tracker-every-offensive-comment-in-one-place/

chuckle8's picture
chuckle8 7 years 6 weeks ago
#25

Lightengine-- It seems that socialism and the free market always fail and never coexist.

Like F=ma put men on the moon, among many other accomplishments, "supply and demand" drives every economy and economic model.

Your 5 points certainly describe essential things for the supply side. Let us hear some things about the demand side. Speaking of the demand side, I find it amazing that welfare provides the greatest return on government expenditures.

chuckle8's picture
chuckle8 7 years 6 weeks ago
#26

Dianereynolds -- Regarding the CBS, NBC and ABC news, it seems that requires a slightly more detailed meaning of lefty/liberal. I think the best way to describe the bias of this media is to use Bernie's breakout of the terms liberal and progressive. Bernie's breakout is that liberal applies to social issues and progressive should be used for economic issues.

With that differentiation, I agree that media is biased towards being liberal, but in no way are they biased towards being progressive. Incidentally, based on what Bernie says all the time, a progressive economic policy is a policy which helps the bottom 90% more than the top 1% (which he calls the billionaires).

Dianereynolds's picture
Dianereynolds 7 years 6 weeks ago
#27

@26,

I think you have made an accurate, rational assessment of the mainstream media. Where it may go a bit astray is the definitions you suggest. Bernie was viewed by all but the far left as a flat out Socialist. You can try to change the definition by putting different words in front of "socialist" but the general population didn't buy it. Neither did the DNC for that matter. The public may secretly like what they heard from Bernie but reality set in and they understood that his bantering was not going to become a reality. Free everything never works.

As much as leftie/socialists want their word coined word "progressive" to be embraced by middle America, they better change their approach from hatred to something more acceptable to working middle class Americans and they certainly aren't showing they understand that since the election. This blog being a sterling example.

I suspect this same condition is also alive in the Republican/Tea Party side. The battle amongst the old republicans and the Freedom Caucus will also have to undergo the same sort of change.

All this lands in President Trumps lap and sooner or later you will all discover, Trump is not a Republican!!!! He will learn how to work around both parties to push his agenda as far as he can. Just like Obama did.

chuckle8's picture
chuckle8 7 years 6 weeks ago
#28

Dianereynolds -- Why do you say middle America did not buy it? Are you saying they did not buy his policies or the definitions?

As far as the definitions go, I was just using them as an aid in describing what the mainstream media does. I do not believe Thom even uses progressive and liberal in that manner.

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