Trump Wants To Give Wealthy Another Multi-Billion Dollar Tax Cut

As we noted yesterday, the Republican wealthfare tax cuts from last year are succeeding in making the wealthy wealthier while having a negative effect on workers' wages.  Well, it seems that wasn't enough sociopathic wealth redistribution for the plutocratic regime of Putin puppet Donald "Rump" Trump.  Now they're considering another $20 billion giveaway:

The Treasury Department is considering a tax cut for the wealthiest Americans through a change that would not need approval from Congress, officials said, a move that would follow a package of tax cuts last year that also benefited the super-rich. 

The agency is studying whether to allow investment income, known as capital gains, to be adjusted for inflation in a way that shields more of it from taxation. Most capital gains are paid by wealthier Americans, who disproportionately hold large portfolios of investments. [snip] 

Leonard Burman, an institute fellow at the [Tax Policy] center, found that such a change, depending on how it was designed, could cut taxes by up to $20 billion for the wealthiest Americans and make it easier for sophisticated investors to create tax shelters.

Some of our favorite loathsome reptiles would be cheering this along:

Several congressional Republicans have introduced plans that would legislatively index capital gains to inflation, including Sen. Ted Cruz of Texas and Rep. Devin Nunes of California. The idea has also been promoted widely by Grover Norquist, founder of Americans for Tax Reform and a leading conservative voice on tax cuts.*

We have proof of what economists told us would be the outcome of the 2017 wealthfare corporate tax cut:  corporation buybacks of stock to increase the wealth of stock- holding CEOs, with cosmetic one-time "bonuses" for workers that Rump could trumpet.  This is just more of the same, a looting of the Federal treasury that will only profit the wealthy/ "sophisticated investors."

As with the Trump- Russia scandal, these jamokes are out there not even bothering to wear masks while they assault and rob us.

BONUS:  Philip Bump has a good read about Rump's two- track strategy-- "The rich get richer, and the poor get distracted."
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* This "leading conservative voice on tax cuts" once infamously said, "I don't want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."  This, on top of last year's trillion dollar wealthfare tax cut, certainly moves us in that direction.