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Nobel Prize-winning economist says Trump tax cut ‘made most Americans poorer’

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On Tuesday, Nobel Prize-winning economist and New York Times columnist Paul Krugman warned that President Donald Trump’s tax cut is far worse for Americans than what is being reported.

On December 22, 2017, Trump signed the tax cut bill into law, with lofty promises and few results. Krugman explained that the tax cut has not accomplished what Trump said it would.

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“Its proponents made big promises about soaring investment and wages, and also assured everyone that it would pay for itself; none of that has happened,” he wrote.

Krugman shared a series of graphs showing “the tax cut induced some accounting maneuvers, but did nothing to promote capital flows to America.”

Trump’s tax cut, doubled the standard deduction, cuts individual income tax rates, and eliminated personal exemptions. Krugman said that people ended up poorer because of the tax cut.

“No money has, in fact, been brought home, and the tax cut has probably reduced national income. Indeed, at least 90 percent of Americans will end up poorer thanks to that cut,” Krugman said.

Krugman added that the tax cut “certainly made most Americans poorer.”

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“So it’s a near-certainty that the vast majority of Americans will be worse off thanks to Trump’s only major legislative success.”

Read the full report here.

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Dershowitz is running a ‘bizarro defense’ of Trump: Harvard Law colleague says ‘Alan is just completely wacko’

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Two of the most famous names associated with Harvard Law School had competing appearances on MSNBC on Friday.

It began when Alan Dershowitz, a professor emeritus, was interviewed MSNBC chief legal correspondent Ari Melber about his new role officially representing President Donald Trump during the Senate impeachment trial.

Dershowitz claimed that neither abuse of power nor obstruction of Congress count as "high crimes" under the constitution.

Professor Alan Dershowitz, who has also been associated with Harvard Law for five decades, was asked about Dershowitz's argument during an interview with Chris Hayes.

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Why was Lev Parnas wearing a ‘Presidential Service Badge’ awarded to troops who serve in the White House?

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Pulitzer Prize-winning New York Times journalist Maggie Haberman posted a fascinating update about a photo of impeachment figure Lev Parnas.

The photo shows Igor Fruman -- who, like Parnas, is under federal indictment -- sitting closely next to Rudy Giuliani and Parnas.

Haber said a source informed her that in the picture, Parnas can be seen wearing a "Presidential Service Badge," linking to the Wikipedia entry on the pin.

"The Presidential Service Badge (PSB) is an identification badge of the United States Armed Forces which is awarded to members of the U.S. Army, U.S. Navy, U.S. Air Force, U.S. Marine Corps, and U.S. Coast Guard as well as other members of the Uniformed Services, such as the U.S. National Oceanic and Atmospheric Administration Commissioned Corps and the U.S. Public Health Service Commissioned Corps, who serve as full-time military staff to the President of the United States," Wikipedia explained.

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Trump’s big-money Florida fundraiser expected to bring in $10 million — from only 100 people

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President Donald Trump flew to Mar-a-Lago on Friday after receiving a formal summons from the U.S. Senate informing him of his impeachment trial.

The president will be attending a Friday evening campaign fundraiser.

The recipient of the money is Trump Victory, which is a joint fundraising committee set up by Donald J. Trump for President, Inc. and the Republican National Committee.

“Tonight’s Trump Victory fundraiser is expected to raise $10 million with approximately 100 people in attendance," the campaign told the White House pool reporter.

https://twitter.com/realDonaldTrump/status/1218264289225728000

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