Everybody Hates the Trump Tax Plan by Paul Krugman

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Last edited Fri Nov 17, 2017, 03:11 AM - Edit history (1)

https://mobile.nytimes.com/2017/11/16/opinion/trump-tax-plan-hate.html?action=click&module=Opinion&pgtype=Homepage

By Paul Krugman at the NYTimes

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So in an attempt to limit that deficit blowout, Senate Republicans are proposing significant tax increases on working families. In fact, according to Congress’s own Joint Committee on Taxation, taxes would rise on average for every group with incomes under $75,000 a year, and would surely rise for many families even in higher-income groups. The only significant winners would be those making more than $1 million a year. Populism!

Oh, and this doesn’t even take account of the health care sabotage that’s an integral part of the Senate plan. By repealing the mandate — the requirement that people purchase insurance — the plan would, as I said, cause 13 million to lose coverage; that loss of coverage, and the associated government subsidies, is why mandate repeal saves money that can be given to corporations.

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Nor does it take account of what would inevitably come next: tax-cut-induced deficits would, by law, trigger cuts in Medicare, and this would just be the start of a G.O.P. assault on programs like disability insurance that provide a crucial safety net for millions of working-class Americans.

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So we’re talking about government of the people, not by the people, but by wealthy donors, for wealthy donors. Everyone else hates this plan — and they should.


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