Which would result in a $1300 net savings the first year then decline to around $600 in 5 years. Where as those same people would see a loss of greater than that on Medicare benefits alone and half the amount they can deduct on their mortgage. Where as the top 1% would average better than $150,000 annually and with the elimination of the estate tax the very wealthy will be able to undermine our democracy by turning our blooming oligarchy into a defacto Aristocracy.
And were fed the same old bullshit that has never worked. If we give more money to the rich to sit on we will all be better of by living off their leavings. History has shown that has never worked and if let go to long enough the inevitable increase in inequality (the only Supply Side prediction that works) will destabilize our economy, undermine our democracy and create social and political upheaval.
The facts are that our economy and income equity have been more productive when we have a tax structure that forces the very wealthy to use it (i.e invest) or lose it which keeps more money in circulation which grows the economy. Top heavy Tax cuts have never shown that they create economic growth.
The sad fact though is that for the corporate tax rate to be lowered then all the loopholes and deductions need to be eliminated as no corporation pays the effective corporate tax rates and many corporations use those loopholes to pay no taxes. This is the Great lie of the GOP tax plan.
The reality of this tax plan is that it is a great give away to the very wealthy. It does very little for the middle class and probably hurts them long term and it certainly hurts the poor.
The tax plan, if passed, will have predictable results. It will balloon the national debt, increase our deficit, increase inequality, create a permanent monied Aristocracy and long term those aspects of supply side reverse socialism will destabilize our nation socially, economically and politically. Supply Side Economics needs to be relegated to The dustbins of history where it belongs with communism, lazzies faire capitalism, fascism, feuadalism, Aristocracy and other failed socioeconomic systems of history.
The facts are clear. Top down and bottom up economic policies don’t work for the vast majority of people nor do they grow our economy. What does work for the most people and grows our economy is middle out organic economic growth by creating consumers.
The ironic part is that if Trump succeeds in his tax plan but fails on trade agreements and heavy investment in infrastructure it will be a great betrayal to his white working class supporters.