The rationale Republicans use to try to sell their tax scam to the public is that corporate tax cuts and cuts for wealthy individuals will free up capital that will “trickle down” in the form of new jobs and higher wages. But Reaganomics has long since been disproven by every self-respecting economist and today, Wells Fargo CEO Tim Sloan just demonstrated why.
After recently getting caught defrauding millions of consumers, Tim Sloan was not fired from his position as chairman of the giant bank, but instead received a 17% raise. The shining example of “failing up” today touted President Trump’s kleptocratic tax bill as an opportunity not to improve opportunities for workers, but to make his unfathomably wealthy shareholders even wealthier.
Sloan told CNN Money:
Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes . . . So our expectation should be that we will continue to increase our dividend and our share buybacks next year and the year after that and the year after that.
In other words, the rich will get richer ad infinitum, while average Americans foot the bill.
Sloan speaks for all the big bank bosses who will benefit from this abominable bill.
Goldman says the tax bill will be good for the big banks: pic.twitter.com/KyaD5KVT8C
— Jim Tankersley (@jimtankersley) December 18, 2017
Goldman Sachs alone stands to gain $6 billion from the Republican tax scam.
Last month, White House chief economic advisor, Gary Cohn, formerly of Goldman Sachs himself, was shocked to learn from a group of top executives at a Wall Street Q&A that they would not reinvest their tax cuts into their companies, but would instead offer dividends to their shareholders. Yet he and his White House colleagues have pushed Congress to pass this reverse Robin Hood bill anyway.
The American public knows much better that “trickle-down economics” doesn’t work than Cohn does. The former Goldman Sachs president earned $48.3 million a year and listed $254 million in assets on his White House ethics filing. He was so out of touch with average Americans that he thought a $1000 tax refund would allow folks to “remodel their kitchen or buy a new car.”
The Trump family all by itself stands to gain $1 billion from the bill, which just passed the House and is headed this afternoon to the Senate, and stands to add up to $2.7 trillion to the national debt, with 83% of the revenue going to the wealthiest 1%, and 63% going to the top 0.1%.
The “let them eat cake” administration appears to be trying to loot as much money from the working- and middle-classes as they possibly can before Special Prosecutor Mueller indicts President Trump and his inner circle and America votes Republicans out in 2018 and 2020.
Under Trump, Republicans have discarded everyone of their so-called values like a pair of old clothes: family values, fiscal conservatism, small government, the Constitution, patriotism, and national security. All that’s left is the one value they will never sacrifice — the interests of the wealthiest Americans.