In the midst of news about special counsel Robert Mueller’s first and most recent indictments in his Russia investigation lies the ever-looming possibility of President Donald Trump’s proposed tax cuts for the wealthy. According to former Clinton Labor secretary Robert Reich, those cuts, if passed, will be disastrous.
Republicans are “selling this to the public with the false claim that the middle class will benefit from their tax cut plan,” Reich explained. “It’s a gigantic Trojan horse.”
“For most Americans,” he continued, “the proposed tax cuts are tiny and temporary.”
These cuts will “shrink in just a few years,” and some members of the American middle class will actually see an increase in their taxes — all while the richest Americans will save an average $129,000 per year. To add insult to injury, the country’s richest will also get tax cuts for the corporations they own as well.
“Republicans say economic ‘growth’ will pay for the tax cuts, so there’s no need to cut social programs like Medicare and Medicaid,” Reich continued. “But Republicans have just passed a budget that would cut nearly $1.5 trillion from Medicare and Medicaid to pay for these tax cuts. Pell grants, housing assistance and even cancer research are also on the chopping block.”
The GOP, Reich explained, claim their budget was merely a “device” to pass the Senate and shouldn’t be taken seriously, but projections show that the budget deficit will “explode” with the tax cuts.
“We must see the strategy for what it is,” he concluded. “And it must be stopped.”
Watch Reich explain the “tax cut Trojan horse” below.