Posted at Hartmann Report on Sep. 4, 2023
How the GOP Suckered America on Tax Cuts
“Wait a minute!” I can hear you saying. “Cutting taxes on rich people makes them richer, but cutting taxes on working class people cuts their pay? WTF?!?”
It’s labor day, so let’s look at the radically different ways income tax cuts or increases affect working class people versus the morbidly rich.
Over the past 40 years, Republicans have pulled off an incredible magic trick. They’ve convinced average working people that tax cuts benefit them when in fact the opposite is true.
It all boils down to two simple principles, which are — unfortunately — a mystery to most Americans and ignored in both our political and media discussions of income taxes.
1. Income tax cuts for the morbidly rich raise a nation’s debt but do nothing else.