If you're rich, it’s about to be a fucking party.
Tax Policy Center, a center-left think tank, explains Trump’s tax cuts thusly:
“ ... the highest-income 0.1 percent of taxpayers (those with incomes over $3.7 million in 2015 dollars) would experience an average tax cut of more than $1.3 million in 2017, nearly 19 percent of after-tax income.”
Now, most wealthy people actually don’t make much income. Romney famously paid very little taxes because most of his money was in stocks. Trump says he is worth around $10 billion, but his biggest single income stream is $22mil a year from real estate in NY. The money he gets from everything else isn’t taxed nearly as much, if at all, because he doesn’t work for anybody.
Except for Putin.
In fact, wealthy people don’t really pay taxes. You get taxed if you have a business, but what exactly is the Koch Brothers business when they got $88mil in government subsidies? Meanwhile, your local NY bodega is probably paying taxes up its asshole.
Just below these untouchably wealthy people are wealthy people who get taxed a LOT because they do get salaries. While the bottom 50% of Americans provide about $34 billion in tax revenue (3% on average), the top 5% paid $720 billion (an average of 23%).
Now, to pay for these tax cuts, Trump is planning to reduce government spending, including completely eliminating the $150 million National Endowment of the Arts. Here’s where I get to my point:
With huge tax cuts for the wealthy and government subsidies that pay the salaries and livelihoods of thousands of Americans gone, it’s put up or shut up time from the rich. I’ll even arbitrarily set the bar at TPC’s $3.7 a year. If you’re pulling in that kind of dough and not donating or providing jobs with the extra tax cut you’re getting (you know, actually helping) - then you’re useless.
I hope people turn a much more critical eye towards the wealthy and stop listening to their rah rah words and just pay attention to their actions. Reading somebody “nail” liberal causes is of little value when you have no healthcare so somebody can buy a second villa in Italy.