Today Donald Trump signed a massive tax cut package into law. Progressives in this country should write down the date — December 22nd, 2017 — and mark it on their calendar. One day we can just point to it as the genesis of economic calamity that will almost assuredly befall us now. We’ve been through this song and dance before, and we know how it’s going to end, because we don’t need a crystal ball to just look to Kansas for a bellwether for what’s in store for us.
Nothing will trickle down. The rich will get richer. The poor will get poorer, and the middle class will shrink. Again. So mark the calendars everyone, today is the day that the zombie of Reagnomics, of Trickle Down, of Supply Side, arose from its grave, having already feasted on the brains of conservatives to the point that they will ignore history and the last forty years, insisting that the Laffer Curve will guide us all to prosperity…
…which it won’t. Not be a country mile.
It is true, and liberals should be honest upfront, that the middle class will see some money, initially, stay in their bank accounts. There will be for a very short window of time, a feeling in the middle class that they’re not paying as much, and in fact are enjoying their hard earned cash more. But, those times will be short-lived, even though the super wealthy and corporations will see their tax rates permanently cut.
But Trickle Down works like a Ponzi Scheme where you victimize yourself. Because you end up trading a few hundred bucks a year now only to end up paying far more just a few years down the line. You don’t have to be a genius, you just have to be able to read a chart. Over time, as this chart from The New York Times shows, the “benefits” most of us see from the tax cuts will be cut drastically in less than 10 years.
On the left you see the tax liability changes now that Trump has signed them into law, and on the right you see the changes after ten years. Notice who sees their reductions go up, and not down though? That’s right? The literal richest 1% and .01% in the country. But tell me again how this tax cut and the Republican Party care about more than just rich people.
Essentially, the Trump Tax Scam works like this:
“I’ll give you two hundred dollars today, but in ten years you need to give me two grand, and you need to do it for the rest of your life.”
I’m not sure if it’s hilarious or tragic to the point of near-farce that we’ve already been through this dog and pony show twice in the last forty years, and yet the Republicans are expecting different results this time. Reagan’s tax cuts were horrific and had to be offset with tax hikes and the Bush Tax Cuts were disastrous for the recovery coming out of the Great Recession. They’ll scream and screech in your face about how they hold the copyright on sound economic policy, but every single time in the last four decades that they’ve gotten to, they’ve cut taxes promising great things and not a damn thing has materialized except for people who get to stuff even more money into their offshore accounts.
Kansas is literally in the middle of economic shit pile so deep they might not climb out of it for another decade. Their Tea Party dumbfuck governor did exactly what our Tea Party dumbfuck Congress handed to our president that was elected by Tea Party dumbfucks to sign into law. Massive cuts, no spending cuts to offset it, and just the wink, smile, and promise of massive economic growth that will stimulate the economy into overdrive, wiping out the glaring, massive, $1.5 trillion dollar hole in our budget that this tax plan creates.
So mark your calendars, fellow libtards. For this will be the day we endlessly, gloriously, and justifiably mock the living shit out of Trump and the Republicans. Of course, we’ll be mocking them from within a crater that used to be our economy.
But, hey, what can ya do?