Report Claims Trump Looking At Tax Cuts For Rich Investors As Small Businesses Continue To Struggle

Trump does not care about the American people.


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President Donald Trump is busily cooking up more dirty tricks to pull on the American people under the cover of the coronavirus pandemic, this time considering a capital gains tax cut that would only benefit wealthy investors.

If you’ve ever heard of vulture capitalists, you know that giving them a tax cut is useless when it comes to stimulating the economy and only makes them richer — at a time when most Americans are struggling to make ends meet.

According to the Brookings Institute:

Capital gains tax cuts would provide a windfall for the wealthy. Advocates often claim that tax cuts are fair because most of the people who would get tax breaks have modest incomes. That’s like saying that income is equitably distributed because almost everybody has some. About three-quarters of capital gains are realized by the 3 percent of households with incomes over $100,000.”

But Trump apparently wants to pursue a capital gains tax cut anyway among other measures that would not help a majority of Americans.

The Washington Post reports that Trump is considering “a payroll-tax cut, a capital-gains tax cut, creating 50-year Treasury bonds to lock in low interest rates, and a waiver that would clear businesses of liability from employees who contract the coronavirus on the job.”

Trump has already previously pushed his payroll tax cut idea, which only serves to gut critical safety net programs such as Medicare and Social Security. Senate Republicans actually exempted employers from paying payroll taxes for a year in the CARES Act.

A capital gains tax on top of that would do further harm to an economy that is already on the brink of total collapse when the people who need money most are Americans on Main Street, 10 million of whom have filed for unemployment in just the last couple weeks. Millions of small businesses are also struggling despite Trump’s claims that his administration is doing something for them. Many are having trouble accessing the loan program rolled out earlier this month and banks are backing out because the federal government has given them little to no guidance.

Wealthy investors would get richer, but such a cut would not do anything for the rest of us.

Center On Budget senior director for economic policy Chye-Ching Huang warned against both recycled ideas.

And then there’s the waiver to clear businesses of liability if workers contract coronavirus on the job.

Many businesses are already forcing their employees to continue working during the pandemic, like Hobby Lobby for instance. Under Trump’s proposed waiver, those employees would be unable to hold their employer accountable for getting them sick when they really should have been sent home and the stores shut down because they are non-essential.

People are dying from this virus, and that means employers would not be liable for those deaths if Trump has his way.

Overall, these proposals are worthless and do nothing to help the American people and do everything to benefit the wealthy. It’s beyond cruel and demonstrates clearly who Trump is interested in helping the most.

Featured image via screen capture

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