What do you do if you’re a historically unpopular new president, with a record low approval rating by 14 points, facing investigations into the way Russia helped you get elected, with the media judging your first 100 days in office as the weakest of any modern president?
Why, you announce a tax cut!
And in your self-absorbed way, you announce a tax cut that will hugely benefit yourself. Imagine those millions saved! You feel better already!
I’m deeply skeptical that President Trump will manage to get a tax reform package passed into law, and that’s just as well. Trump’s new tax “plan” (more like an extremely vague plan for a plan) is an irresponsible, shameless, budget-busting gift to zillionaires like himself.
This isn’t about “jobs,” as the White House claims. If it were, it might cut employment taxes, which genuinely do discourage hiring. Rather, it’s about huge payouts to the wealthiest Americans — and deficits be damned! If Republicans embrace this “plan” after all their hand-wringing about deficits and debt, we should build a Grand Monument to Hypocrisy in their honor.
Trump’s tax “plan” is a betrayal of his voters. He talks of helping ordinary Americans even as he enriches tycoons like himself.
For example, it’s great that the tax plan promises help with child care costs, a huge burden for low-income families, especially single moms. But Trump doesn’t explain what form his help will take.
Maybe he will eventually provide details, but in his campaign tax plan (which over all seems similar to the latest), fewer than 10 percent of low-income households with children would get anything at all, according to a study by the nonpartisan Tax Policy Center in February. It added that under the campaign plan, families earning between $10,000 and $30,000 a year would receive an average child care benefit of just $10.
You can read the rest at the New York Times.