Taxes

The Trump Regime Strategy for Tax Cuts: Lie About Everything

JM Ashby
Written by JM Ashby

It's not like we expected anything less from the Trump regime, but these lies are so preposterous I think it has already caught up to them just one day after revealing their big proposal.

First of all, Trump's top economic adviser Gary Cohn appeared on ABC this morning where he said their package of massive tax cuts for the rich is actually a tax break for the little people.

“When we’ve looked at the tax plan, and we’ve looked [at] what it does for Americans, we are very confident that Americans are getting a great deal here. We have also said that wealthy Americans are not getting a tax cut,” Cohn said Thursday on ABC’s “Good Morning America.” “We have designed a tax cut that is stimulus for the economy, where we are giving tax cuts to middle- and lower-income Americans. We want everyday, hardworking Americans to have more money in their paycheck.”

As you probably know, their tax cut proposal calls for raising the bottom income tax bracket from 10 to 12 percent.

Last time I checked, raising the bottom bracket is not a tax cut for lower-income Americans, at least not here in empirical reality.

Furthermore, their proposal calls for cutting taxes for wealthy Americans in half a dozen different ways. Gary Cohn himself along with Donald Trump and Treasury Secretary Steve Mnuchin will personally benefit from several of their tax cuts including the elimination of the estate tax and alternative minimum tax, the tax cut for owner-operated businesses, and the income tax cut for top earners.

And speaking of Steve Mnuchin, he says their gigantic package of tax cuts will actually reduce the federal deficit.

“We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficits by a trillion dollars. That's a large number,” he said in an interview on Fox Business Network’s "Mornings with Maria."

Even Republicans in Congress are not claiming this will reduce the deficit. At least not yet.

Republican congressmen have actually been surprisingly frank, admitting that it will increase the deficit and that they don't give a shit if it does.

It's been 15 years since Dick Cheney said "deficits don't matter" if they come from tax cuts. The more things change, the more they stay the same.

  • muselet

    “We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficits by a trillion dollars.”

    Wow. They’re using the good drugs over at Treasury.

    –alopecia

  • Aynwrong

    “We think there will be $2 trillion of growth”

    Oh… Mornings With Maria. One FNC’s “news” shows. I was about to ask why the reporter didn’t at least nominally challenge that nonsense. Of course the appropriate response to a statement that ridiculous would probably be along the lines of: “What was exact methodology the administration used in making this prediction? I mean aside from pulling it out of your own ass.”

    Actually, Stephanie Rhule on MSNBC has been doing a fine job of not letting these claims go without questioning the hell out of it and also expressing the appropriate incredulity at this blatant horseshit. (Credit where credit is due.)

    • Ceoltoir

      The idea that tax cuts pay for themselves is something that republicans have used as a talking point all of the previous times that they have tried this. All massive tax cuts do is balloon the deficit, which is the other thing republicans lie about constantly, and crater the national economy.

      • Aynwrong

        Indeed…

  • fry1laurie

    Not a peep from the Norquist brigade on the GOP RAISING TAXES. But it’s on the undeserving poor, so, no harm, no foul. Just getting some skin in the game.

    • JMAshby

      Norquist gave the plan his blessing yesterday.

      • Aynwrong

        How typically conservative.

      • Draxiar

        I’ve always though Norquist was a fraud but never to this blatant degree.

  • gescove

    If hypocrisy was a poison that was ingested orally when lying, most Republicans would be dead by now.

    • Great Cthulu, I wish I could make it so!