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Have_A_Cigar posted...

Yea... you keep buying into it. You're making a difference in this world.

Yea... you keep buying into it. You're making a difference in this world.

How Trump Took the Middle Class to the Cleaners
The president promised a return to shared prosperity, but the benefits of his economic policies only bubbled up to the richest
https://www.rollingstone.com/politics/politics-features/trump-covid-response-economy-jobs-taxes-inequality-1080345/

The Trump tax bill has taken Americas ideal of progressive taxation in which the richest pay the greatest share and turned it on its head for those at the very top. The effective tax rate for the richest 400 families in America fell to just 23 percent in 2018. Thats below the average rate paid by the bottom 50 percent of income earners, according to U.C. Berkeley economists Emmanuel Saez and Gabriel Zucman. Under Trump, they write in their new book, The Triumph of Injustice, the Zuckerbergs and the Buffetts of this world pay lower tax rates than teachers.

Add in Trumps trade war with China and its not clear the middle class has received any net benefit from Trumps tax policies. Attempting to punish China, Trump raised import taxes on Chinese goods. Despite the presidents incessant lies that these taxes, or tariffs, are paid by the Chinese, theyre in fact paid by American importers and passed on to American consumers buying everyday goods. According to a 2019 CBO report, these import taxes were set to reduce average real household income by $1,277 this year alone.