The Big Con by Eric Keller


He gotcha and he gotcha bad.  All those Trumpists out there who thought they were voting for someone who "will fight for the forgotten people" were just conned.  Sadly, the "forgotten" people he was really talking about were those who hold vast amounts of wealth and want more.  The truly forgotten people, many of whom live in Anderson County, remain unseen by their president and his administration.  Case in point.

The new tax plan.  The top income earners in America got what they paid for as we shall see.  Remember, the median (most of) household income in Anderson County is $44,480 (Federal Reserve, 2015 real income) which fits nicely in the next category.  Using the tax plan, a married couple with an adjusted gross income between $25, 000 - $75,000 with no deductions for children, and who does not use standard deduction (due to deducting mortgage interest) will pay $10 more.  Using the same characteristics, a new couple, making over $750,000 will receive a tax cut of $14,640.  Of course- the poorer couple loses any benefits after ten years while the richer one keeps most of the benefit.  

To help drive this point home- from the Tax Policy Center- showing both now and after they expire.

TPC chart on 2018 tax act.gif


Note this "cut" will be gone in five years and more while the corporate cuts are permanent.  Only the top 1% benefit after these "cuts" disappear.  The Republican Plutocratic Party insists future Congresses will keep the cuts in 2027.  They might as well say that future Congresses will have X-ray vision; both are just as likely.  Hope is not a method.

This is a big con.  Trump followers were conned with his faux populist speeches before the election.  Let's hope they see through this one. 

Eric Keller2 Comments