Special Interests Drive the GOP Tax Scam
Yesterday, Treasury Secretary Steven Mnuchin said the GOP tax scam ‘is about the middle class’ and ‘about working families.’
Except it’s not. Special interests are standing behind Republicans’ tax bill that gives billions of dollars in tax breaks to corporations and the richest few, while leaving hard-working American families to foot the bill. And that’s exactly why big banks and wealthy CEOs – not the middle class – are the ‘most excited’ about the GOP tax scam.
The biggest boost for Corporate America would be the slashing of the corporate tax rate from 35% to 21%. That could boost profits significantly for big banks, according to a report from Goldman Sachs.
The tax cuts, including a new 21 percent corporate rate that’s down from 35 percent, aren’t projected to pay for themselves … Then there’s the claim — advanced most famously by Trump and Treasury Secretary Steven Mnuchin — that the bill won’t cut taxes on people at the top of the income scale. It will.
Republicans’ bill is so good to the wealthiest one percent that while millions of middle class families will see their taxes go up, Wells Fargo – the bank that created millions of fake accounts on behalf of its customers without their consent – is the biggest winner with the GOP tax scam’s corporate tax cut.
Maybe it’s time for Republicans to do some soul searching, instead of rushing to pass a tax scam beloved by corporations and the richest few and opposed by the majority of Americans.