I base my articles on fact. As a progressive the facts almost invariably reinforce my positions so I have no need to rely on myth, rumor or speculation. Today’s article is based on an opinion I keep hearing repeated by economists and journalists whose beat is the economy. If true, it illustrates another scam that Trump and his enablers are pulling on Joe Lunchbucket. Let’s explore.
The Trump Tower Tax Cut is a bonanza for Gordon Gekko but a temporary blip for Joe Lunchbucket. I was among the many that jumped on Paul Ryan when he tweeted about the secretary who was ecstatic over the $1.50 a week more in her take home pay because of the Trump Tower Tax Cut. If some economic observers are correct she will not get to keep the entire $1.50.
Your paycheck is your earnings after deduction. A major deduction – and the one affected by the Trump Tower Tax Cut – is the withholding for federal income tax. The government releases charts to employers and payroll services that are a guideline as to how much they should deduct from the gross pay in order to cover the federal income tax obligation of the employee. Many experts think the suggested deductions will prove insufficient to cover the tax liability. In other words some of the $1.50 will have to be given back when the tax return is filed.
If this is true it constitutes a triple scam. The individual was scammed from the start because their tax break is temporary while the breaks to the ultra-wealthy and corporations are permanent. The next scam is that if these experts are correct part of the “tax break” is only a loan that will have to be paid back. The final scam is that voters will go into the November election thinking the Republicans gave them a larger tax break and will not discover the truth until at least February of 2019 when they file their taxes.
With other than the hard core right wing the only “accomplishment’ the Republicans have to run on is the Trump Tower Tax Cut. If the experts are correct the positive effect of it will have been overstated in Joe Lunchbucket’s paycheck for all of 2018.
Whether the experts are correct or not is something we will not know until the spring of 2019. As with the effect gerrymandering had on the 2012, 2014, 2016 and will have on the 2018 elections; we do not get a do over. Like the effects of Russian interference in the 2016 and most likely 2018 elections; we will have to live with the results. Come to think of it giving back part of the $1.50 may be the least harmful effect we suffer.
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