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From The Socialist newspaper, 6 December 2017
Trump's tax plan: Robin Hood in reverse
Hated Republican president Donald Trump, photo Gage Skidmore (Creative Commons) (Click to enlarge)
When Donald Trump is not retweeting racist videos, or reportedly obstructing justice over his former national security adviser's lies, or threatening to start world war three, he's doing what he does best - making a stack of cash for himself!
Republicans in the Senate have pushed through a hastily redrafted tax bill that will slash taxes on US corporations and the wealth of the super-rich - at the expense of working and middle class living standards and public services.
Trump's tax plan, apart from adding an estimated $1.2 trillion to the federal deficit, will cut taxes mainly on big business and the wealthiest individuals by between $1.4 and $2.4 trillion. An estimated two-thirds of the tax cuts will go to the richest 1%.
US corporations claim that the current 35% federal tax rate makes them 'uncompetitive'. But tax loopholes mean the real rate for these giant companies is around 22%.
Under Trump's plan it will drop to just 20%. This is at a time when US corporate profits are at an historic high.
Further, according to DCReport.org, "the top tax rate on partnerships and limited liability companies [also known as pass-through entities] would fall from 39.6% to 25%. Trump has more than 500 such businesses."
As Socialist Alternative (US co-thinkers of the Socialist Party) says: "We need to fight for a socialist society in which the top banks and corporations are taken into public ownership under direct democratic control of workers, consumers and broader public.
"Only then can we guarantee that these massive profits currently shielded from the treasuries of capitalist governments, are used for full public investment in jobs and social services."
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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.
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In The Socialist 6 December 2017:
Glenfield victory shows people power can save our NHS
Tyneside walk-in closures postponed after rally
Socialist Party news and analysis
Nationalise rail now
End Tory war on poor
Rough sleeping crisis: make homes, not arrests
Royal wedding exposes them-and-us visa system
RBS to sack 1,000: nationalise the banks
Branson sues NHS: kick out the profiteers
Fighting sexism, violence and capitalism - an international struggle
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Corbyn's Labour can defeat Tories with socialist programme
Labour council Blairites deselected
Demonstrations by uni students and staff greet Bath vice-chancellor resignation
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TUSC conference to debate 2018 elections
Plans to launch no-cuts campaign at Kirklees College
Coventry Socialist sales hit 1,000
Waltham Forest Universal Credit protest
Court maintains injunction against fracking protesters
Socialist readers' comments and reviews
Dramatic retelling of Grunwick strike hits all the right notes
Blairite horror and Labour's divisions graphically exposed
Comment: Socialism and truth about Zane
The Socialist Inbox
Workplace news and analysis
PCS Left Unity celebrates 40th anniversary at annual conference
Brutal rail privateer Abellio takes over Midlands rail services
School staff strike against privatisation
Driving examiners walkout hits first day of new test
BT pensions review - oppose the attacks on the pension schemes
Arriva bus strikers stand firm
International socialist news and analysis
Irish capitalist state: rotten to the core
Mobilise to stop bigoted billionaire Donald Trump's state visit to Britain
Trump's tax plan: Robin Hood in reverse
The Socialist 6 December 2017 |
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