[Tax] Reformatory School

Earlier this week, The New York Times published an article characterizing the Trump administration’s so-called ‘tax plan’ as “…a single-page statement filled with bullet points…”, going on to say “[it]…was less a plan than a wish list.”

Yup, we’ve got Gary D. Cohn, (director of the National Economic Council), and Steven Mnuchin, (the Treasury secretary), a-shimmyin’ and a-shakin’ at a White House press briefing on Wednesday vainly attempting to convince the assembled this grotesque gift to the one-percenters was, in fact, meant to benefit all Americans, rich and poor alike.

In the past 48 hours or so, tax experts have begun to point out – rather objectively, I might add – how ridiculous this tax reform proposal really is. If enacted, (and yes, it’s unlikely), the impending economic devastation cannot – I repeat cannot – be over-stated. Ick. I think I just threw up in my mouth. Again.

Happily, the skeptics wasted absolutely no time in reducing the claims being made by Cohn and Mnuchin to a pile of manure, er, I meant, rubble. …a bit further down in the Times article, you’ll read:

“Trump’s latest proposal is another gift to corporations and billionaires like himself,” said Thomas E. Perez, the Democratic Party chairman. “Trump must release his tax returns, as millions of Americans are demanding, before Congress can consider any Trump tax plan. We must know how much Trump would personally financially benefit from his own proposal.”

The budget deficit gaps being projected if such a poorly-conceived plan were to be enacted measure in the trillions of dollars. My thoughts? The cynic in me says it’s all about generating a lot of noise meant to distract the typical, oh, so-easily distractable, citizen from having to grapple with the mounting evidence of just how ineffective the Trump administration’s policies, even in their nascent form, will ultimately prove to be.

Need proof? Check out this article article in today’s Wall Street Journal pointing to a Commerce Department report stating GDP grew at an anemic 0.7% in the first quarter. :-(

0.7% vs. 3.0%? …sounds like Cohn, Mnuchin and Trump could all stand to spend some time in tax reformatory school!

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