Trump Wants To Ram Through Tax Cut For The Rich By Executive Order
Earlier this week, the Trump Administration floated a trial balloon on taxes. Apparently, Trump would like to index capital gains for inflation by executive order.
What this means is that Trump wants to jam through a $100 billion deficit financed tax cut for the wealthy through executive fiat — rather than an act of Congress. Approximately 86% of the benefits of this contemplated tax cut would go to the top 1%. Can you feel the populism?
The Bush 43 Administration considered a similar plan but decided it was illegal.
The hypocrisy of this plan is simply off the charts. Remember when Republicans used to lecture us about the dangers of the deficits during the Obama era? Apparently, deficits don’t matter to Republicans when they fund tax cuts for the GOP donor base.
Remember when the GOP used to thunder about Obama’s alleged executive over reach and called him a “tyrant” and a “king?” Passing a tax cut by executive order is executive over reach on steroids.
As Nobel Prize winning economist Paul Krugman said: “The lesson here is never to take right-wing huffiness about the process of politics and political debate seriously. These guys don’t actually believe in any rules at all; whatever rule they may lay down in one case, they’ll break in an instant if they think they see an advantage.”