As the U.S. tax filing season progresses, new data shows that more Americans are being hurt than being helped by the tax scam legislation passed by Donald Trump and congressional Republicans in December of 2017.
According to a report at The Huffington Post, published this morning, American taxpayers have lost $323 billion in tax deductions due to Donald Trump’s GOP tax scam. The new tax law was passed in December of 2017 and went into effect for the 2018 tax year.
Fox News guests and hosts had a big laugh Thursday morning at the smaller tax refunds being received by millions of Americans.
Most working people who have filed 2018 tax returns so far have been surprised at getting smaller tax refunds — or owing more in taxes — after they had assumed their refunds would be bigger because of Trump’s tax cut bill.
There was a time, not that many years ago, when Rep. Paul Ryan of Wisconsin symbolized the bright future of the Republican Party.
When he was chosen to be the vice presidential running mate of Mitt Romney in 2012 he was seen as a brilliant young Congressman who understand the details of the federal budget better than anyone else. It was also thought that he was forward thinking and could fashion a Republican legislative agenda that would stop the growth in the federal deficit while at the same time bringing prosperity to all Americans.
According to the U.S. Department of Labor (DOL), American workers’ paychecks are worth less than they were a year ago.
Despite President Donald Trump boasting about how better off Americans are now, the truth is that for the first time in many years average Americans are losing ground. Economic growth has not meant more prosperity for the middle and working classes. Rising prices have erased U.S. workers’ meager wage gains.
Everybody knew the GOP tax scam passed last December was not needed. The economy was doing just fine and didn’t need a stimulus. The government deficits were already too large, and the U.S. needed more revenue, not less revenue from taxes. And certainly the super-rich beneficiaries of the tax cut bill didn’t need any more money. The concentration of wealth among the super-rich has never been greater in this country. The rich were already getting richer, and didn’t need any more help from the government to feather their nests.
"Corporations are swimming in money. Stocks are up 18% this year. They're at record highs. ... We are financing through the deficit a tax cut to the one sector of society that absolutely didn't need it."
The poll comes as GOP lawmakers have reportedly come to an agreement on a final plan they believe would have the votes to pass through Congress.
Senate Republicans know that their tax bill has the stench of rotting fish. They know they must stay ahead of an informed public to get their donors' bidding done.
Distracting from the increasingly damning Russia scandal by touting a tax scam that will eviscerate the middle-class probably isn't a good strategy.
Republicans can and will continue to lie about this plan in order to ram it through Congress, but Americans will ultimately realize they've been sold a bill of goods.
By refusing to air this ad, Fox News is protecting its viewers from a reality they don't want to see and cementing its status as a propaganda network.