US President Donald Trump’s tax plan is an “abomination” that will make America’s wealthy even richer at the expense of ordinary people, says a Chicago-based political analyst.
“It is wonderful for corporate presidents and for America’s super rich,” Stephen Lendman, an author and radio host, said on Sunday. “The idea behind the tax scheme is to transfer more of America’s wealth from… the vast majority of Americans to its privileged class.”
The Trump administration and congressional Republicans in Congress are forcefully pushing ahead on a measure that is supposed to cut taxes for corporations.
The White House Council of Economic Advisers promises that the corporate tax cut, to 20 percent from 35 percent, would lead to more hiring and increase the average household income by at least $4,000 a year.
However, surveys show that most Americans oppose the plan as more studies warn of its possible consequences for the middle class.
Lendman called the tax plan a “grand theft” that was supported by Trump and his party as well as big American corporations. However, he said a Democratic government would also have done the same.
“They would be doing the same thing. Maybe not as extremely as Republicans are doing it,” he argued.
It was the same story with Trump’s Democratic predecessor, Barack Obama, who went along with all Republican tax plans despite pledging to avoid doing so during the campaign, Lendman noted.
While the US government claims that the tax plan benefits the taxpayers, Lendman said the 10-year program would ultimately work to their disadvantage.
“Next year, I think most Americans will get a slight tax cut but the cut diminishes through the years… and before the 10-year period elapses the great majority of Americans will get a tax increase” while the rich will get a tax cut, he argued.
The controversial tax reform bill passed the House of Representatives earlier this month with 227 votes in favor and 205 against and is now awaiting a crucial vote in Senate before reaching Trump’s desk.