The Trump-GOP tax scheme that was enacted in 2017 and favored Corporate America and the wealthy was not enough for the high rollers so we now learn that the Trump administration will propose a cut in the capital gains tax rate. And the same top 1% will be on the receiving end of this tax scheme. An analysis by the Wharton School reported the proposed cut would reduce federal revenue for the federal government more than $100 billion over the next decade.
Trump and supporters of the tax cut scheme say the move would boost the economy and allow for new investments, the same worn out failed excuses of the past. Trump and the GOP continue to support tax reductions that transfer wealth from the middle class to the wealthy. And the World Inequality Database shows that is what has been going on since 1980.
Trump and the GOP will likely move to pass their legislation before the November elections to shore up their base and win votes. They know it will never pass after the elections if the democratic party win control of at least one house of congress.
The democrats understand and know a tax scheme when they see one. They also know Trump and the GOP knew they would do this when they passed the 2017 tax scheme and like cowards would come out later concerning the capital gains tax.
This commentary written by Joe Lorio
