President Trump and the Republican-controlled Congress promised to give all American taxpayers a great Christmas present of tax cuts for all. Will it be a benefit to you or a large lump of coal?
On the campaign trail, Trump promised to drain the swamp, put a halt to Wall Street abuses, end tax breaks for hedge fund managers and clamp down on D.C. lobbyists.
House Speaker Paul Ryan and Majority Leader Mitch McConnell repeatedly say that this tax bill will benefit all Americans.
Since this bill was presented to the people, polls have shown it to be highly unpopular. It will greatly benefit billionaire donors, corporations and the very wealthy.
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While the poor and middle class may get a small tax cut in 2018 and 2019, the wealthy will get 60 percent of tax savings. From 2019 through 2025, the top 5 percent earners will receive 80 percent of tax savings. All while the deficit increases by $1.4 trillion.
Many senators who voted for this bill are millionaires and will personally benefit from its provisions. Trump and his family will receive large tax cuts.
Republicans win, America loses.