When has President Donald Trump done anything to benefit the American people that doesn’t, in some capacity, benefit him and/or his cronies? You’d be hard pressed to find an example.
Most recently, the real estate mogul turned president is rumored to be considering taxing retirement plan contributions of workers in order to pay for tax cuts for the rich, as well as large corporations.
According to an August report from POLITICO:
‘One idea quietly being discussed would be taxing the money that workers place into their 401(k) savings plans up front: an idea that would raise billions of dollars in the short-term and is pulled from the Camp plan. This policy idea is widely disliked by budget hawks, who consider it a gimmick; the financial services industry that handles retirement savings; and nonprofits that try to encourage Americans to save.
Decisions still being hammered out are whether a hypothetical tax bill adds to the deficit over a 10-year period — a key factor in passing legislation through the budget process known as reconciliation, which requires fewer party-line votes than normal legislation.
Top White House officials are less concerned about adding to the deficit because many believe that the economic growth stemming from lower tax rates will make up any budget shortfalls.’
However, Americans can barely afford to retire as it is. Now, they’re going to have their savings taxed? Before long, the vast majority of us will be working from 10-100.
According to POLITICO, the White House has been urging conservatives to stress that any tax plan would benefit the middle class, as well as keep job in the United States.
The Trump administration has been vying for tax reform for months, with many saying aides spent more time worrying about it than the GOP’s failed attempt at repealing and replacing Obamacare.
‘Our plan will dramatically reduce income taxes for American workers and families. It will nearly double the standard deduction to help families get ahead. It will make our complex tax code more simple and fair. It will put money back into the pockets of the people who earned it. And it will bring back American jobs by making our businesses competitive once again.’
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