We know how this story ends.
Even before their monstrous bill was passed Republicans were already discussing the possibility of ‘entitlement reform’—this despite the fact that Trump promised not to lay a finger on programs like Medicare and Medicaid when he was running for president.
So who stands to benefit from these huge tax cuts?
It most certainly isn’t lower- and middle-income earners.
‘Most of the tax cut actually consisted of huge tax breaks for corporations – which is in effect a big tax cut for stockholders’ Krugman continues.
‘And while many Americans own a bit of stock via their retirement accounts – even if you include these indirect holdings more than 80 percent of stocks are owned by the wealthiest 10 percent of the population…The wealthy are giving themselves a big gift and sending the bill to the middle class’.
Krugman is willing to acknowledge there’s ‘probably something’ to the theory that lower taxes will eventually benefit workers but not much.
The process could end up taking decades and there’s no guarantee corporations won’t simply pocket their savings.
Utimately his message to American taxpayers is simple: ‘If you think you were helped by the tax cut – think again.
Donald Trump and his allies pretended to give you a gift but they gave themselves and their wealthy patrons much bigger gifts — and they’re going to stick you with the bill.
You’ve been scammed’.