The president and the GOP are in desperate need of a significant legislative victory, and their tax bill is currently at the top of their list. Trump claims the measure is a massive win for all Americans, but numerous analysts have concluded that the proposal benefits the wealthiest Americans the most, which includes Trump and his rich friends. One analyst even called it Trump’s kids’ “retirement plan.”
“The tax cuts and reforms of the 1980s show that when we empower the American people to pursue their dreams, they will not only achieve greatness and create prosperity beyond imagination, they will build an entirely new world. It is time to ignite America’s middle-class miracle once again.”
The reality of the situation is the complete opposite of what Trump said.
Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, just pointed out that foreign investors stand to benefit more than middle-class Americans.
“Given that 35 percent of all shares are held by foreign investors, and given that all the short-run benefit of lowering the corporate tax rate are assigned to shareholders of U.S. corporations, I conclude that 35 percent of the approximately $200 billion in annual corporate tax savings in the first years after the proposal comes into effect would accrue to foreign investors. This amounts to $70 billion a year.”
The GOP tax bill extends a helping hand to wealthy foreigners before the American people.
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