August 18, 2022

Trump just unveiled new plans to go around Congress and give the rich a $100 billion handout

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It appears that President Trump and his oligarch cronies are still aren’t done with squeezing every last dollar they can out of our nation’s tax income, despite the enormous act of class warfare that they managed to ram through Congress last year.


The absurd collection of tax cuts and handouts to the wealthy that the president and his allies passed will send our national debt through the stratosphere while doing almost nothing to benefit the average American — but apparently, that’s not enough to satiate the insatiable greed of the monied elites.

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The New York Times is reporting that the Trump administration is reportedly considering a unilateral cut to the capital gains tax that could funnel $100 billion into the pockets of the wealthiest Americans and deprive our government of desperately needed funds, and they’re planning to do it without any input from Congress.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that. We are studying that internally, and we are also studying the economic costs and the impact on growth” said Treasury Secretary and former hedge-fund vampire Steve Mnuchin.

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According to the Times97% of the benefits would go to the top 10% of wealthy Americans, and two-thirds of that would go to the wealthiest 0.1% of Americans.

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While the move would likely provoke a serious court challenge over the exact interpretation of the word “cost” in the 1918 Revenue Act, the fact that the Trump administration is considering it all means they think they can win — or else simply don’t care.

For the Trump administration to float such a blatant giveaway to the very wealthiest so close to the mid-term elections is breathtaking in its arrogance and should be all the ammunition we need to prove to the American people that the GOP cares nothing for the average American and exists only to serve the needs of the ultrawealthy.

Colin Taylor

Managing Editor

Colin Taylor is the managing editor of the Washington Press. He graduated from Bennington College with a Bachelor's degree in history and political science. He now focuses on advancing the cause of social justice, equality, and universal health care in America.

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