Trumpsim Tax Will Hurt You- Yes You - So the Very Wealthy Win by Eric Keller

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Just to make sure you understand this- Trumpism is increasing your taxes in the long run.  As virtually all economists & political scientist agree, the economy will not grow like Trump's party says it will.  To prove this- we will look Reagan's tax cuts in the 1980s & Bush II's tax cuts in the 2000s, so we can see the results of trickle-down economics.  Both presidents promised confidently that lower taxes for the wealthy will increase income for everyone else- the whole "rising tide raises all boats" argument.  Let's look at how that worked.

OUCH!  It didn't work.  In fact- it did the opposite.  National income growth per person only grew 1.4%/year while the average Gross Domestic Product (GDP) growth rate in the United States came to 5.5%/year (Bureau of Economic Analysis).  The rising tide did not raise most boats.  So who benefited from the corporate tax cuts seen in the chart above?

Think of overall income every year as a giant pie that increases or decreases yearly.  If we divide the U.S. population into deciles, that is, into 10% sections; we can then look to see who received the largest slice of pie at any given year.  We then can determine which 10% population section grew the most and in fact, we can further break down the very top 10% into smaller segments.  So...

As a result, the share of national income going to the top 1 percent has doubled from 10 percent to more than 20 percent, while income accrued by the bottom 50 percent has been almost halved, from 20 percent to 12.5 percent. There has been no growth at all in the average pretax income of the bottom half of the population over the past 40 years.
— Saez & Gutman, University of Califfornia, Berkeley, Nov 2017

There has been no growth for anyone but the very wealthy.  Because of that, a great many Americans went into debt to pay for their lifestyle- just to keep even- and lost it all in the Great Recession of 2008/9.  

Now Trump wants to do it again.  Even when the growth does not happen which will trigger automatic Medicare cuts (by 4%) in 2018...even when it still does not happen and Trumpists begin looking at Social Security & Medicare to pay for their wealth, the Republicans persist.  Trump and the Republican Congress still want to please their corporate donor class.  This is the proof of that accusation.

Trumpism will hurt you.  Badly.  Fight it.  Fight for your families and fight for your country.  Go Vote.  Vote to replace Fleischmann who agrees with this plan and vote to replace John Ragan who enables it at the state level and vote to replace Terry Frank who does the same at county level.  Fight them.  Vote.

Eric KellerComment