Republican Tax Cuts Probably Aren't For You

29

Virtually all of Trump’s tax cuts go to the top 1%. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss.

"According to the Tax Policy Center, the cuts that Team Trump included in their bullet-point outline last April could result in a loss of revenue between $3.4 trillion and $7.8 trillion over 10 years. To whom will those benefits go? We’ll give you two guesses, but you’ll only need one. Here’s Vox:

The package, the TPC finds, would overwhelmingly help the wealthy. Including the tax hikes [like doing away with personal exemptions and other common deductions], the overall plan would give the average family earning under $25,000 per year a $40 tax cut, or a 0.3 percent boost in after-tax income. The top 0.1 percent, earning above $3.4 million a year, would get an average tax cut of $937,700, or a 13.3 percent boost in after-tax income.

But wait, hasn’t Team Trump pitched their tax plan as a benefit for the middle and lower class that “isn’t about a dramatic cut in taxes for the wealthy,” as Treasury Secretary Steven Mnuchin said in April?…”*

Read more here: http://www.vanityfair.com/news/2017/07/trumps-tax-plan-23500-times-better-for-the-ultra-rich-than-the-poor


Related Videos

Media type
3:33
The Farm of the Future Could Fit in Your Backyard
The Farm of the Future Could Fit in Your Backyard
Details
in Economy
Alesca Life’s shipping container farm is a green haven in central Beijing. Could this be the way to...
Media type
10:47
Rooftop Solar is Growing Like a Weed, Despite Fossil Fuel Billionaires trying to Crush It
Rooftop Solar is Growing Like a Weed, Despite Fossil Fuel Billionaires trying to...
Details
in Economy
Thom talks about the growing interest and support for residential solar power applications, and all...
Media type
7:33
Universal Healthcare's Been Working Great In Germany For A Long Time
Universal Healthcare's Been Working Great In Germany For A Long Time
Details
in Economy
Jimmy Dore and Malcolm Fleshner discuss the history of universal healthcare plans.
Media type
8:21
Republican Tax Cuts Probably Aren't For You
Republican Tax Cuts Probably Aren't For You
Details
in Economy
Virtually all of Trump’s tax cuts go to the top 1%. Cenk Uygur and John Iadarola, hosts of The Young...
Media type
7:01
Republicans: College Is Ruining America
Republicans: College Is Ruining America
Details
in Economy
Most Republican voters believe that higher education is bad for the country. Cenk Uygur and Ana Kasp...
Media type
9:27
As Venezuela's economy plummets, mass exodus ensues
As Venezuela's economy plummets, mass exodus ensues
Details
in Economy
Despite having the largest oil reserves in the world, Venezuela’s economy is in a freefall, necessit...
Media type
11:16
What happened when this struggling city opened its arms to refugees
What happened when this struggling city opened its arms to refugees
Details
in Economy
After decades of decline, the city of Utica, New York, is growing again, thanks in part to its reput...
Media type
12:08
Women, Libor, Testosterone & Flawed Economics
Women, Libor, Testosterone & Flawed Economics
Details
in Economy
Ann Pettifor talks about male dominance, intellectual backwardness and the economics discipline Visi...
Media type
5:53
The US Drug Companies Completely Own Our Mainstream Media
The US Drug Companies Completely Own Our Mainstream Media
Details
in Economy
With the exception of CBS, every major media outlet in the United States shares at least one board m...
Media type
6:30
Walking the Silk Road, where globalization got started
Walking the Silk Road, where globalization got started
Details
in Economy
The Silk Road, the ancient trading route that spanned from Asia toward the West, is where we find jo...
Media type
1:49
As Stores Close Nationwide, Summer Retail Jobs Harder For Teens To Find
As Stores Close Nationwide, Summer Retail Jobs Harder For Teens To Find
Details
in Economy
That summer job at the mall may be a thing of the past as the industry has been hit with massive los...
Media type
5:07
Who built Great Zimbabwe? And why?
Who built Great Zimbabwe? And why?
Details
in Economy
Stretched across a tree-peppered expanse in Southern Africa lies the ruins of Great Zimbabwe, a medi...