Open thread for night owls: Tax plan would blow $5 trillion hole in federal revenue over next decade

[ Originally published on this site as post ]

Jon Queally at CommonDreams writes—Trump Tax “Hoax” Would Blow $5 Trillion Hole In Budget Over Next Decade: Analysis

A day ahead of the Trump administration’s scheduled release of what it says will be a “detailed” tax plan, progressive policy groups are again warning the American people not to be fooled by rhetoric as they highlight estimates showing the likely proposal will cost the government trillions of dollars in revenue over the next decade and lead the way towards massive cuts in key social programs that help insulate low-income and working Americans from an economy already “rigged” in favor of the wealthy and powerful.


“The idea that this plan would help average Americans instead of the wealthy and big corporations has been a hoax all along,” said Frank Clemente, executive director of Americans for Tax Fairness (ATF), which on Tuesday released an analysis showing that Trump’s plan would likely leave a $5 trillion hole in the federal budget over the next ten years.

“This isn’t ‘tax reform,’ it’s just a big giveaway to millionaires and corporations, and it won’t ‘trickle down’ to the rest of us,” Clemente said. “It won’t help small businesses, but it will help Wall Street hedge fund managers and real estate moguls like Donald Trump. This plan will not lead to robust job creation or economic growth, but its eye-popping cost will lead to deep cuts in Social Security, Medicaid, Medicare, and public education that will leave working families in the cold.”

Meanwhile, Chye-Ching Huang and Joel Friedman, tax experts for the Center on Budget and Policy Priorities, highlight how maneuvers by the GOP-controlled Senate to relinquish deficit-neutral demands on tax cuts for the rich and corporations—a betrayal of their traditional “fiscal responsibility” mantra—is a clear signal that after millionaires, billionaires, and corporations receive their tax giveaways it will be right back to attacking the social safety net and the common good […]

According to the ATF’s analysis—based on recent media reports, earlier Trump statements, and other GOP tax plans—the White House’s new tax cuts could total $6.7 to $8.3 trillion the next decade, leaving  $3 to $5 trillion of which may not be paid for by closing other tax loopholes and/or by limiting tax deductions.”



“Open confession of dictatorship is far less dangerous than sham democracy. One can defend oneself against the former; the latter is like a creeper attached to the body of a drowning man.” 
               ~Wilhelm Reich, The Mass Psychology of Fascism (1933)


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At Daily Kos on this date in 2004Violence in Iraq Belies Claims of Calm, Data Show: 

One of the best foreign correspondents writing for the SCLM is Rajiv Chandrasekaran(WaPo). if I’m not mistaken, he actually tells us at times he can’t get out and about in Iraq, so parts of the stories are from Iraqis who can. Check this out from the Akron Beacon Journal’s public editor discussing the paper’s reporting of ‘bad news’:

“I used to jump in a car and drive out to places like Fallujah and Baqubah to write about attacks, to get a sense of what was really happening on the ground. No longer,” Rajiv Chandrasekaran, Baghdad bureau chief for the Washington Post, said in an online chat last week. “The roads are too dangerous, the threat of kidnapping too great.”

Imagine another reporter admitting to that? Judith Miller, take notes.

On today’s Kagro in the Morning show: The weekend roundup, with Greg Dworkin and Armando. The Earth wasn’t destroyed, but nearly as bad, Donald Trump was the president. So he fought with pro athletes, abandoned Puerto Rico, and left Zombie Trumpcare still knocking around. What a bum.

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