Trump will persist with the claim that he is working on a populist plan. In actuality, he is cooking up a fiscally irresponsible gift to plutocrats
In assessing the Administration’s approach, the question to ask is: Will these measures help alleviate the most pressing economic problems facing the country, such as sharply rising inequality and the stagnant growth in wages and productivity? The short answer is no. In all likelihood, wages and productivity would be largely unaffected by Trump’s tax cuts. And, since the giveaways would be concentrated on the very rich, measures of post-tax inequality would rise.
The Wall Streeters in the Trump White House are pushing Trump closer to the views of Wall Street and big business – views that are reflected in the views of “mainstream” Republicans and Democrats only to the extent the “mainstream” is dependent on the Street and big corporations for campaign money.
These views aren’t “centrist,” and they’re not sustainable. More tax breaks for the rich and more subsidies for big corporations aren’t much better for America than xenophobia.
According to press accounts, Donald Trump seems prepared to put out a tax cut proposal that could net him hundreds of millions of dollars over the next decade. It probably won’t do much to help the rest of us, but folks who were worried about whether President Trump would be able to pay off his debts should be relieved.
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