The GOP tax plan is nothing more than a scheme to give millions of dollars to the extremely rich, at the expense of the middle class, and not only is the White House aware of that, they are laughing about it. The tax plan, which does things like eliminating the estate tax, slash corporate taxes, and gut tax cuts for veterans and teachers, has already passed the House and is now making its way through the Senate.
Gary Cohen, who serves as Donald Trump’s economic advisor, has said of the bill, CEOs are “The most excited group out there”, due to the giant payday they would receive if it passes. A talking point that Republicans have continued touting, known as trickle-down economics, states that the the rich will take their earnings and reinvest the money in the economy, therefore benefiting everyone, rather than just the incredibly wealthy.
During a meeting of the Wall Street Journal CEO Council, which Cohen attended, the White House advisor openly laughed when discussing this lie with the CEOs present. When the speaker as
Gary Cohn, Donald Trump’s economic adviser, recently claimed that CEOs are “the most excited group out there” when it comes to this scam.
But at a meeting of the Wall Street Journal CEO Council, Cohn had only a snidely joking response when the CEOs in the room didn’t respond to that idea as enthusiastically as he had hoped:
The entire rationale for Cohn’s aggressive tax cuts for millionaires and corporations evaporated on the spot — and all he did was laugh about it.
Indeed, there is almost no evidence that tax cuts boost investment. Taxes apply to a company’s profits, not total income, and the tax code already lets businesses deduct interest and some other investment-related expenses, so the idea that tax cuts would have much impact either way on how a business invests does not make much sense.
Cohn appears to understand this — and his nonchalant reaction to a roomful of CEOs pointing it out to him suggests that he doesn’t care.
Republicans understand their entire tax pitch to the American people is snake oil. And polls suggest the American people know it too. The only people trying to ram through this bill are a small circle of billionaire donors who, as Republicans admit, put campaign funding on the line.
Every day, the Republicans’ case for their scheme gets weaker and weaker. And every day, they push harder for it, oblivious to basic evidence or public sentiment.