Billionaires Feast on $1.5 Trillion Trump Tax Cut Leaves 99% with Scraps from their Table and Threatens Medicare, Medicaid and Social Security featuring Dean Baker, formerly was an assistant professor of economics at Bucknell University. He is currently a co-director of the Center for Economic Policy Research (CEPR) in Washington, D.C. and Alex Lawson, Executive Director, Social Security Works
Only the Billionaires will win bigly with this tax cut for the rich which offers a sugar coated poisoned pill of benefits for the working class with threats to Social Security, Medicare and Medicaid down the road to pay for their party. The massive cut to Corporate Taxes will be permanent while decreases in the individual rates will be eroded by inflation and then end in 8 years. The final bill also limits deductions of state and local taxes only to $10,000/yr. while exempting more millionaires from paying the Estate Tax. According to all credible estimates, Republican claims that the $1.5 Trillion deficit over 10 years will covered by increased economic growth are over-blown. It will leave a $1 Trillion deficit which activates $40 billion/year cuts in Medicare. Massive looming federal deficits will also give the Republicans an excuse to attack safety net programs with Medicare, Medicaid and Social Security heading their hit list.
Produced by Ken Nash and Mimi Rosenberg
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