#TrumpSocializesCosts4Ultrawealthy

[revoltagainstbillionairewelfare]

Anyone who cares about the strength of the American economy should be very concerned about Trump’s proposed Herbert Hoover approach of applying tariffs (taxes) on all imports coming into the United States.  This will raise the cost of imported goods as the cost of these new taxes is passed on to consumers, contributing to increased inflation.  We know (or should know) from history, that other countries respond to massive new American tariffs by putting their own tariffs on US goods.  If you’re someone whose business depends, in whole or in part, on exporting made-in-America products to other nations, this should be a huge red flag. Trump’s polices already caused record-breaking trade deficits over $800 billion in 2018-2020.  We know that in 1930, the Smoot-Hawley Tariff Act (placed tariffs on over 20,000 imported products) played a significant part in causing a shrinking US economy and rising unemployment, which caused the US to spiral into an economic depression.  If you are an owner or employee of a business that either imports goods or parts, or exports made-in-America products, remember your vote is private.  You can vote for Harris/Walz or leave the spot for president blank and no one will know, unless you choose to share that information.

[revoltagainstbillionairewelfare]

Foreign-born Elon Musk, like Trump in 2020, pay zero tax in 2018.  They are both parasites on our society who contribute nothing towards our national defense or infrastructure (although they use it heavily for their businesses).  Forgot about contributing anything for the social good.  It is reported that Musk paid $455 million on $13.9 billion of wealth growth obtained over the five-year period 2014 to 2018 for a true tax rate of 3.27%.  Meanwhile an American household with an income of $70,000 paid an average 14% in federal taxes.

[revoltagainstbillionairewelfare]

Trump has called for a 10% across-the-board tax(tariffs on imported foods) that would raise grocery bills for families by an average of $1500 per year!  Vice-President Harris has proposed a ban on price gouging  (as have 37 states), which Trump calls “communism”.  Know what he does not consider “communism”?  Welfare for billionaires.  Trump used his 2017 Tax Cuts and Jobs Act legislation to pay zero taxes in 2020.

[revoltagainstbillionairewelfare]

Our tax code is filled with loopholes and tax breaks that only the ultrawealthy can access.  An analysis of average tax rates during 2013-2018 shows that tax rates increased up until the income range of $2-5 million, then tax rates decreased with increasing income.  If re-elected, Trump will certainly attempt to pass more legislation favoring billionaires and corporations, along with a very modest tax cut for everyone else, with increased deficit spending to pay for it. As the national debt explodes under Trump, that means more of our tax dollars would go just to pay interest on the debt.

[revoltagainstbillionairewelfare]

One study shows that in 2018, it took 14.3 million typical wage-earning households to equal the wealth held by the 25 richest households, and that these middle-class households paid $143 billion in federal taxes compared to a mere 1.9 billion by the ultrawealthy families.  Thus, the ultrawealthy contributed only 1.33% of the amount paid by the middle-income families.  Many of us assume that most people pay their fair share of taxes and that the wealthiest among us pay the most, but that simply is not true.  They contribute relatively little, beneficiaries of billionaire welfare through a tax code that provides them with special loopholes and tax breaks.

[revoltagainstbillionairewelfare]

Hardly news that Trump is unethical

Trump’s transition team refuses to sign agreements to start transition because it would mean agreeing to an ethics plan and limiting and disclosing private donations.  Of course!  They plan to rule unethically!

[revoltagainstbillionairewelfare]

The Trump Kleptocracy

Trump and his billionaire buddy, Elon Musk, are trying to establish a kleptocracy, in which the richest among us are encouraged to steal the country’s wealth and put it in their own pockets.

In his first administration, Trump loaded up the National Labor Relations Board (NLRB) with his cronies to weaken workers’ protections and roll back their rights to form unions and engage in collective bargaining.  Trump’s Dept. of Labor proposed a rule that employers had ownership of tips with no guarantee that any employee would receive the tip money.  The pushback was so fierce Trump was forced to back down.  When he knew he needed votes in 2024, Trump had a “come-to-Jesus” moment and proposed no taxes on tips.  The cost to be added to the national debt. 

Expect Trump to push through as many anti-American worker actions as he can (e.g. unions can be dissolved, employers can unilaterally set wages, no overtime pay, etc.).  Those with too much pushback, he will reverse course as he did with the employer ownership of tips and add the cost to the national debt.

Expect Trump and his cronies in Congress to pass legislation that gives hugh tax breaks to the ultrawealthy and large corporations with a modest tax break for everyone else so he can sell himself as a “man of the people”.  We already know that billionaires like Trump and Elon Musk  and others, can pay zero tax in some years.  Further tax cuts for them means that they can legally steal part of working Americans’ taxes in the form of tax refunds for themselves.  Of course, Trump will never release his tax returns because he doesn’t want to be exposed as the con man and grifter that he is.  Expect a hugh increase in the national debt.

Expect the national debt to explode under Trump.  What’s not clear is how long before America’s good credit rating is lost and we can’t borrow anymore or borrow only at very high interest rates. 

Meanwhile Trump’s unelected billionaire buddy, Elon Musk, will be telling America that it must live within its means and any money spent on education or healthcare for middle-class Americans must now go to balance the budget. What Trump and Musk won’t tell you is that part of your taxes will be going straight into their bank accounts.  Interesting to see how that dynamic will play out in the Trump kleptocracy.

Remember forewarned is forearmed.

Interesting to see if Trump supporters ever stop blindly trusting him and demand to see his tax returns.  Help people realize that money is borrowed to replace the tax revenue that billionaires and corporations don’t pay and that amount is then added to the national debt.  Remember a lot of Trump supporters will cheer that Trump pays nothing until they realize that money is borrowed to cover that deficit and part of their taxes is used to pay interest on that debt.  Let it become common knowledge that billionaires like Trump contribute little to our tax revenue.

[revoltagainstbillionairewelfare]

With 2.8% GDP growth in the third quarter of 2024, current unemployment rate of 4.1% (unemployment started at 4.7% and ended at 6.4% during Trump’s four-year tenure), 16 million jobs added during the first 43 months of Biden’s presidency (there was a loss of 2.7 million jobs while Trump was in office), and the annual inflation rate decreased to 2.1% in October 2024, the US economy is currently in a strong position.  Trump did not know how to fix the 2020 job loss, but the Biden administration was able to get those jobs back and add an additional 13.3 million.  Please think carefully before you risk trading this economy for Trump’s proposed all-tariffs-on-all-imported-goods policies.  Based on past history, they are very likely to lead to increased inflation and another Great Recession (possibly an economic depression).  Remember your vote is private.  You can vote for Harris/Walz or leave the spot for president blank and no one will know, unless you choose to share that information.

[revoltagainstbillionairewelfare]

Trump’s 2017 Tax Cuts and Jobs Act provides numerous benefits for wealthy business owners, but an average tax cut of less than $500 for those in the bottom 60% (lowest three income quintiles).  Trump wants to make the provisions of the 2017 tax cuts permanent at a cost of around $400 billion a year beginning in 2027.  The US would borrow this shortfall and it becomes part of the national debt whose interest payments consume an ever-increasing chunk of our tax dollars.  Trump claims to pay millions of dollars in taxes every year, but when his 2015-2020 tax returns were released, that proved to be yet another one of his lies.  Vice-president Harris is proposing to keep the tax cuts for everyone earning less than $400,000, but to partially increase the corporate tax rate to what it was before 2017.

[revoltagainstbillionairewelfare]

Remember when Trump promised to drain the swamp?  Wealthy Republicans who voted to pass the 2017 tax cuts personally benefitted from it.  Undoubtedly, affluent Democrats also realized tax savings, but not one voted for it.  Trump himself also realized significant tax savings. 

[revoltagainstbillionairewelfare]

The national debt increased by $7.8 trillion during Trump’s 4-year presidency, which equals 84% of the $9.3 trillion during the 8-year Obama presidency.  Trump’s 2017 Tax Cuts and Jobs Act delivered large tax cuts primarily for the ultrawealthy and major corporations, and caused hugh deficits as tax revenue fell (nearly $1 trillion in FY 2019), a greater than 70% increase from FY 2016, Obama’s last year in office). These benefits for the ultrawealthy and corporations are paid for by the government borrowing money (which is a significant portion of the increase in the national deficit for every year since this legislation became law, including all the years of the Biden presidency).

[revoltagainstbillionairewelfare]

Trump and his cronies in Congress believe in

Socializing business costs and risks for the ultrawealthy and major corporations, but privatizing the profits.

The 2017 Tax Cuts and Jobs provided tax benefits primarily for the ultrawealthy and large corporations (https://www.propublica.org/article/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut).  Trump was able to use his 2017 Tax Cuts and Jobs Act legislation to pay zero taxes in 2020 (https://www.reuters.com/world/us/summary-trumps-tax-returns-2015-through-2020-2022-12-30/).  The only reason he paid nearly a million dollars in taxes in 2018 was because he received the last of his inheritance from his father through the sale of an apartment building.

#TrumpSocializesCosts4Ultrawealthy

#vote kamala #vote blue

#kamala harris #kamala 2024

#harris 2024