But that's a double lie because, to start, it isn't a tax reform, but a tax cut, since it has no provisions to close loopholes nor to recover money to pay for the tax cuts it does contain, mainly for the richest Americans and corporations. And second of all, it isn't the biggest tax cut in history either. According to The New York Times, the biggest tax cuts in the history of the United Sates happened during the administration of Warren G. Harding, Calvin Coolidge, John F. Kennedy and Ronald Reagan.
As to what the tax cut proposal actually says, it includes the following according to The New York Times:
1. Cutting taxes for the riches Americans from 39.6% to 35%. That is, go back to the George W. Bush era rates that created a huge increase in the national debt.
2. Cut taxes for corporations --including his own-- from 35% to 15%.
3. Establish 3 income brackets for individuals: 10%, 25% and 35%.
4. Repeal the 3.8% investment tax established by the Affordable Care Act.
5. Double the standard deduction (thus eliminating taxes on the first $24,000 of a couple's income).
6. Eliminate most itemized deduction, including home office and business deductions (thus screwing over small businesses and independent workers).
7. Eliminate taxes for money made by American corporations overseas.
8. Eliminate the estate tax, which benefits the very rich.
9. Has no indication whatsoever how how will the federal government recover the money lost because of the tax cut, as it doesn't include any new taxes.
In other words, Trump's tax plan is a huge gift for the rich and for corporations, but it is disguised as a middle-class tax cut.
But that's a lie. For his tax cut to truly benefit the middle class, it would have to be a middle class ONLY tax cut with an increase on taxes for the rich and for corporations to offset the losses.
Who presented the tax cut proposal, but the way? None other than Trump's Treasury Secretary Steve Mnuchin, a former Wall Street insider.
Yes, the same Wall Street that sunk the world's economy into the 2008 crisis.
Oh, and as to how will the government get the money to offset the revenue losses, Mnuchin said it would basically pay for itself with en economic growth of 3%:
Mr. Mnuchin said this week that the tax changes would spur the economy to grow by 3 percent, which he said would pay for the vast cuts in federal revenues. But even Republicans privately concede that stronger growth would not entirely offset the cost. Democrats scoffed at the notion on Wednesday.
Well, guess what? the Bush era tax cuts did NOT increase the economy and, in fact, increased the national debt.
And as you can see, even Republicans conceded Mnuchin's claim is bullshit.
Oh, and when the press asked Mnuchin if Trump would release his tax returns, Mnuchin said Trump had "no intention" of releasing them because the public already has "plenty of information." Here's the video:
No need to wait for Spicer 2 get back to us, Mnuchin says #Trump will not release tax returns. Apparently Americans have enough information. pic.twitter.com/x2Qy7lXNN1— Jonathan Beeley (@foreignpolicy77) April 26, 2017
How exactly is no tax information "plenty of information"?
As you can see, Mnuchin is also an accomplished liar.
UPDATE: On April of 2016 Trump was asked by NBC's Savanna Guthrie if he believed in raising taxes for the wealthy. His response was "I do, I do. Including myself, I do." Now, with his tax plan, he wants to give a HUGE tax cut to the wealthy including himself. And here's the video to prove it:
FLASHBACK: April 2016
— Kyle Griffin (@kylegriffin1) April 26, 2017
SAVANNAH GUTHRIE: "Do you believe in raising taxes on the wealthy?"
TRUMP: "I do. I do. Including myself. I do." pic.twitter.com/5G8uCXeg8Q
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