One of the things on which Donald Trump and mainstream Republicans agree on – the slashing of taxes for America‘s enriched upper class – has been fully approved by the United States Congress. The Republican tax bill, pitched as relief for the middle class while acting as a vast handout to the richest people in the country, has passed the House of Representatives, and will now become law.
The bill, which is the biggest reform of the country’s tax system in over 30 years, offers mild, temporary tax relief to middle class families, while also obliterating taxes on corporations and the wealthiest Americans.
“By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy,” Mr Trump said in a statement which can ultimately be translated to: “My rich mates will now be significantly richer– cheers for the votes, Rust Belt.”
Though Trump had repeatedly emphasised in his 2016 campaign that his biggest priority was tax cuts for working and middle-class Americans, the bill offers such people only mild relief – which is set to expire anyway. Trump has significantly changed his tune on his priorities, saying that the reduction in the corporate tax rate from 35 to 21 percent is “probably the biggest factor in this plan”.
The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.
— Donald J. Trump (@realDonaldTrump) December 20, 2017
The Tax Policy Centre, a think tank in Washington, estimated middle-income households would see an average tax cut of $1,170 next year under the bill, while the wealthiest 1 per cent of Americans would see an average cut of $66,500. Stacks of relief for the little guy there, Donald.
“Today the Republicans take their victory lap for successfully pillaging the American middle class to benefit the powerful and the privileged,” House Democratic leader Nancy Pelosi said.
No public hearings were held for this bill, and it featured many additions from corporate lobbyists at the last minute. Famously, many of these additions were scribbled in the margins of the bill at the last moment before the first round of voting.
Putting more money in the hands of the rich and powerful? Wow, Trump is really shaking things up and sticking it to the establishment.
