The Republican Reich has a new "populist" tax plan, which they claim is designed to keep and create more jobs in the US. To someone, who has not dug down and considered the actual effects, it even looks fairly good. But once I considered what the plan will really do, I felt amazed at just how sneaky-evil Republicans can be. Fortunately, you don't have to trust me. Robert Reich takes on the Republican Reich for us.
Watch your wallets. Republicans are pushing a new corporate tax plan that will end up costing most of you a bundle. Here’s what you should know about the so-called “border adjustment tax."
The U.S. imports about $2.7 trillion worth of goods a year. Many imports are cheap because labor costs are much lower in places like Southeast Asia.
Our current tax code taxes corporations on their profits. So, for example, when Wal-Mart buys t-shirts from Vietnam for $10 and sells them for $13, Wal-Mart is only taxed on that $3 of profit.
But under the new Republican tax plan, Wal-Mart would be taxed on the full price of imported items, so in this case the full $13 sale price of that t-shirt. As a result of this tax, Wall Street analysts expect retail prices in the U.S. to rise as much as 15 percent…
From <Robert Reich>
In short, poor and middle class shoppers pay more for their goods, and the tax is distributed to billionaires, who use it to increase automation for exports, increasing their own wealth, but creating few, if any jobs. Republicans plan to tax YOU for welfare for billionaires.
RESIST!!
5 Responses to “Reich v. Reich on Tax Plan”
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You can't trust a Republican as far as you can throw the SOB (get your minds out of the gutter, I mean the Senate Office Building). And this is one more brick in the proof of that. Thank heaven for the Reich on the left!
You are right, Mr. Reich. I don't see Thumper doing anything good for the common good for all of us, it's all about him, and his cronies getting richer and richer….while we get poorer and poorer. ugh!
Reich is spot on, as always.
This is the next chapter of the 1%'s How Can I Fool Those Dummies Into Giving Me More Of Their Money (And Thank Me For It). It comes right after the chapter on Trickle Down Economy, which has been renamed Golden Shower Economy in the latest edition. Unemployment hasn't been so low, so new jobs will hardly be noticeable in the overall economy, and none of the jobs will be created where they are needed most, i.e. the mining states to replace jobs lost by closing mines. Oh, I forgot. Those mines won't be closed, and those already closed will be reopened because the EPA is gone an there is no global warming. Right…American retail prices are just going to rise with 10-15%, that's all. I suppose you don't notice much of it when you buy your Gucci, Versace or and Louis Vuitton (excuse my language) on Daddy's credit card.
Many of the jobs that Drumpfenfarten committed to create or bring back will never materialise because of automation. But while that is failing, the poor and middle class are paying more for just about everything. There is no doubt that the Republicans are pulling a fast one to the benefit of the 1% and corporations. Reich on the left is right!
Resist and Persist!!!
Thanks all! Pooped Hugs!