CNN’s OutFront with Erin Burnett shared some stunning statistics yesterday showing that thanks to Trump’s/GOP’s tax cuts, individuals are now shouldering a staggering 50% of the tax burden as compared to corporations’ only 6%–a totally revolting, even immoral statistic
Erin Burnett posed the question to Kevin Hassett, Chairman of the Council of Economic Advisers at Trump’s White House, “Individuals are paying all the taxes to subsidize the corporate tax cuts?”
Kevin Hassett’s explanation was that as a result of Trump/GOP tax cuts, there has been a capital spending boom which has resulted in higher wages and therefore higher individual tax contributions. Specifically Hassett said in response to Erin Burnett’s question, “If there’s a big surge in wages, people pay tax on those wages and therefore the share of personal income goes up. So if you have a wage boom then you’re also going to have higher taxes on the personal income side and it’s not like a shocking terrible thing like you[Erin] portray it.”
Yours Truly is not an expert economist and will not play one today by analyzing the merits and demerits of Kevin Hassett’s explanation. Reasonable people will agree however that there’s something inherently wrong when individuals in a country that’s home to some of the world’s richest corporations shoulder 50% of the tax burden while the rich corporations shoulder only 6%.
Bottom line it is the height of inequity, even immorality for individuals in the world’s leading economy to shoulder 50% of the tax burden while corporations–some of the richest in the world–only carry 6%. This speaks of a growing trend among modern Republicans where corporate interests are placed ahead of the people’s welfare. Democrats must highlight this sickening GOP trend as we head towards the 2020 elections and upon winning, work towards a more moral/equitable economy that looks out for working Americans instead of exploiting them as Trump’s economy apparently is.
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