Tag: congressional Budget Office

  • CBO says top 10% will benefit most from Trump‘s tax bill while lowest 10% lose $1,200 annually

    CBO says top 10% will benefit most from Trump‘s tax bill while lowest 10% lose $1,200 annually

    AP reporting: The Congressional Budget Office estimates that the 10% of poorest Americans will lose roughly $1,200 a year as they experience restrictions on government programs like Medicaid and food assistance, while the richest 10% of Americans will see their income increase by $13,600 from tax cuts. Overall, American households will see more income from the tax cuts in the legislation, including middle income households, but the largest benefit will go to the top 10% of earners.”

    Reverse Robin Hood strikes again.

    For the record, the lower classes don’t have $1200 a year to give up so the upper classes can live more comfortably than they are already living. This is totally unsustainable. At this rate, we will see poverty unlike any we have ever seen in our modern age.

    And spare me the “this is how we get people back to work” and “have you ever heard of trickle down economics?” malarkey. We are in the age of AI job replacement technology and wall street private equity takeover. Those ancient Reaganomics policies may have worked to some degree at one time, but they will not work in this age of greed and job automation. Keep up.

    The bottom line is this president is completely out of touch with the American people. Some people say he is deliberately ushering in a New World order oligarchy, while others say he is just profoundly ignorant and thinks 1980s economic policies will work in 2025. Either way, he’s helping wreck America for everybody but the upper upper classes.

    And for those people who are happy about their 401(k), you just wait. Your days are numbered. Trump just signed an executive order to give private equity access to your 401(k). What, you thought that they were going to let you have your retirement and be happy? Give me a break. They don’t want you to be happy. They don’t want you to own a damn thing. They want you to be a dependent slave to them. Every single one of them.

    So much for the “golden age.” Oh, unless you are a multimillionaire or billionaire. But your days are numbered also. Because the people will only stand for this for so long. This ain’t Venezuela. This is still America, and this robbery is not going to go unaddressed. I guarantee it.