Yet again, the GOP is advancing a tax plan that will hugely benefit their lords and masters and that promises the rest of us some tax fairy dust, in the form of “all the jobs” the resulting “booming economy” will create.
It is of utmost importance that congressional Democrats steadfastly withhold any support for this plan until President Trump divulges his tax returns and there is sufficient time to study them to determine to what extent the proposed changes affect him personally. We already know, from having seen two pages of his 2005 return, that if the Alternative Minimum Tax hadn’t existed, he would have paid just $3 million in taxes, rather than $38 million. Not surprisingly, abolishing the Alternative Minimum Tax is one of the goals of his tax plan.
The tax fairy dust to which I refer is the absurd idea that a huge tax break for the already wealthy will cause them to create jobs. This idea has been disproven time after time, but the GOP continues to push it. Common sense, and the study of U.S. economic history, clearly indicates that only increased demand will create jobs, and demand will not increase until the average person has disposable income to spend.
