Donald Trump has got a new plan for the taxpayer: cuts for corporations and high earners while the rest of America foots the bill. Donald Trump Jr., the mouth-breathing spawn of his big business loins, is all for it.
DTJR expressed his support for rewriting the US Federal Tax Code, turning the 7,000 page document into a few concise pages of text devoted to the outlining of a simple flat tax.
According to this user, if Don Jr. had his druthers, the new document would consist of one sentence: “the poor pay more in taxes while the rich pay less.”
It isn’t far from the truth. According to a study conducted by the Institute of Taxation and Economic Policy, Don Sr.’s tax plan would “lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.”
According to the ITEP, if Trump’s policies were implemented in 2026, the top 1% of earners would receive an average tax credit of $36,300. The next wealthiest 4 percent would receive a tax cut of about $7,200. The middle 20% of earners would suffer a tax hike of about $1,500. The bottom 20% would see an increase of about $800. To add insult to injury, Trump’s tax plan would reduce the corporate tax rate from 20% to 15% for companies that make their product in America.” Combine these tax rates with Trump’s disastrous plan for tariffs, and inflation is likely to skyrocket.
Another user on X says that Trump’s tax plan means that the middle class is “screwed.”
While the middle class is indeed getting shafted, it is America’s bottom 20% that will receive the short end of the stick. Trump’s tax policy will see the upper middle class taxed at an increase of 2.1% of their average income. The next 20% down will see their income taxed at an added rate of 3.5%. The bottom 20% of earners, those who make less than $28,600 a year, will suffer an added rate of 4.8%. The American economy will, once again, be built upon the backs the nation’s poorest. Then again, as this X user points out, there may not even be a middle class to screw over by today’s economic standards.
Donald Trump Jr. didn’t stop at expressing his support for a new tax plan, he also wrote that that the cleanup of the U.S. Federal Tax code should fall under the purview of The Department of Government Efficiency, or DOGE, headed by Elon Musk and Vivek Ramyswamy.
DOGE’s other duties will include slashing $2 trillion from the U.S. federal budge, which would include essential funds for social services and medicare depended upon by millions of U.S. citizens. While it’s a threatening idea, economic experts are calling it a “fantasy” that is unlikely to become reality – unless the U.S. chooses to default on the national debt, a move that would constitute a full blown “economic disaster.” Like the rest of his policies, Trump’s tax plan is as ethically dubious as it is economically unsound. Rather than debate tax policies, Don Jr. should stick to doing what he does best: churning out 3rd grade reading level books best put to use propping up an uneven kitchen table somewhere.
Published: Nov 26, 2024 08:46 am