Some Recent ‘Tweets’ Summarizing Senate-House Tax Cut Proposals

Some Recent ‘Tweets’ Summarizing Senate-House Tax Cut Proposals

by Dr. Jack Rasmus,

Republicans will now ‘sharpen their knives’ to go after grandma and grandpa, to cut social security and medicare–and medicaid for single moms and disabled, to pay for $2T deficit (not $1 or $1.5T) in Trump tax cuts

Senate bill means beginning of the end of ACA healthcare Act: Ending individual mandate will raise premiums for all by minimum 10% in 2018 and more thereafter. 4 million will immediately drop; 13m will drop by 2027, per independent estimates.

Senate tax bill means 3200 of the richest 0.1% households no longer will pay inheritance tax whatsoever; the remaining 1800 will have new threshold of $22 million before paying. Fewer than 0.1% households will now pay Inheritance tax.

Senate version off Trump Tax cuts reshuffles the House bill: Corps still get $1.5T; pass thru business $476B;Multinational corps $500B + bigger loopholes for real estate, autos, oil, depreciation=$3T business cuts paid by $3T tax hikes for middle class.

Trump’s latest ‘big lie’: the tax cuts “will cost me millions”. Trump’s 2005 tax returns show he paid only paid taxes due to AMT; doubling AMT exemption will halve his taxes. Trump’s 500 ‘business income pass through’ companies also gain from rate cut from 39.6% to 25% (or less 23% in Senate)

Multinational US corps past history with 2005 repatriation tax windfall tax cut (from 35% to 5.25%) showed 90% of windfall was used for stock buyback, dividends, and financing mergers and acquisitions.

Trump Tax cut based on faulty economic theory: give business more disposable income & they will invest it short run, leading to jobs, wages, GDP. US businesses now sit on $2 trillion cash in US +$2.8T offshore. If they aren’t investing with $4.8T, why would they with another $3t?

Senate tax bill deficit of $1 trillion based on absurd assumptions of economic growth. Past historical GDP trend for next decade will at least double the $1 to $2 trillion deficit or more. Decade from now, US debt will exceed $30 trillion