Seth Meyers always brings a funny recap of our daily political mess before the night is over. This time, he leads us to reflect on the brazen heist of the country with the approval of the entire GOP that’s happening before our very own eyes.
The GOP has spent the last four decades trying to sell the same trickle-down economics idea to the American People. Now they have gone beyond the broken thinking of the past with a president that, like the rest of the GOP in Senate and Congress, are picking large corporations and wealthy Americans over small businesses and middle-class American homeowners.
But if it goes into law —as it will— in the coming days, beyond getting a good laugh as always with Seth Meyers’s a Closer Look segment, we have to ponder upon the impact this legislation will have on our future. Two-thirds of us Americans believe the proposed tax reform bill would benefit the wealthy more than it would the middle class.
And it is true.
Big banks and multinational corporations will reap a bonanza of tax cuts totaling hundreds of billions of dollars. The bill favors higher-income inners and businesses more than it does the middle class. The largest cuts proposed in the bill would benefit Americans earning in the 95th to 99th percentile.
Middle-income households will get $61 billion in tax cuts in 2019 under the Republican tax plan, but benefits mostly peter out after a decade.
“The wealthy are not getting a tax cut under our plan,” Gary Cohn, Trump’s top economic advisor, said on Good Morning America. Even President Trump said in a speech in Indiana: “Our framework includes our explicit commitment that tax reform will protect low-income and middle-income households, not the wealthy and well-connected.”
Well, those two statements are false. Just read the entire bill—when available.
A Brazen Heist of the Country with the Approval of the Entire GOP. Seth Meyers takes a closer look at the Republicans’ sweeping overhaul of the tax code.