Federal Reserve Chairman wannabe and noted Federal Reserve Chairman LOSER Gary Cohn is, as always, all over the map on Comrade Stupid’s tax cuts for Corporations and Those Who Own Them.
We should remind ourselves that there is not a pointy-headed economist inside Cohn’s spectacularly round head, which helps to explain his sudden embrace of Voo-doo Economic, er, Trickle-Down.
First, let’s go to the Then (September):
“When we’ve looked at the tax plan, and we’ve looked [at] what it does for Americans, we are very confident that Americans are getting a great deal here. We have also said that wealthy Americans are not getting a tax cut. We have designed a tax cut that is stimulus for the economy, where we are giving tax cuts to middle- and lower-income Americans. We want everyday, hardworking Americans to have more money in their paycheck.”
And now let’s go to the Now (this morning):
“I don’t believe that we’ve set out to create a tax cut for the wealthy. If someone’s getting a tax cut, I’m not upset that they’re getting a tax cut. I’m really not upset.”
So congrats Plutocrats! In the
usual fuck-up finest Preznint Stupid tradition, you are going to be given buckets of Ameros – by accident.
The Tax Policy Center says the small, middle-class tax cut is temporary and will eventually turn into a tax hike.
The wealthiest Americans will get a large, permanent tax cut from the estate tax repeal (Ivanka needs some new shoes, baby!), a special tax rate for pass-through businesses (Preznint Stupid has about 500 or so pass-through bidnesses as part of the Trump Companies), and by slashing the corporate tax from 35 to 20 percent (because Corporate America is sitting on literally piles of cash since the Great Recession and have not invested in anything, so let’s give ’em more money).