Alternative Visions

Alternative Visions - Trump Whacks the Middle Class


Listen Later

As Federal tax deadlines near on April 15 it’s becoming increasingly clear the middle class is paying more, not less, under the Trump 2018 tax cuts. Of the roughly 170 million tax households, news is now appearing that tens of thousands fewer are not getting refunds this year and 80% say they’re paying more, per polls. Rasmus explains in detail how the Trump tax cuts provided $4.5 trillion in total tax cuts over the next decade—offset by $1.5 trillion in middle class tax hikes (and making phony estimates of another $1.5 trillion in tax revenues from economic growth due to tax cuts).  Rasmus describes how multinational corporations will get $2.1 trillion in tax cuts over the decade and how US corporations, non-corporate businesses, and the wealthiest 1% households and investors will enjoy another $2-2.4$ trillion by reducing the corporate rate from 35% to 21%, by eliminating the corporate AMT, by radically reducing the personal income AMT, by providing a flat 20% deduction for non-corporate businesses, by lowering personal income tax rates and brackets for the wealthy, by exempting most of the Estate tax, and by ending limits on itemized deductions for the rich while adding child care and private school deductions for them.  How the middle class will pay another $1.5 trillion over the decade is also described, including ending the personal exemption, by changing personal income tax brackets for the middle class, and by eliminating or reducing middle class itemized deductions. In the bigger picture, it amounts to increasing subsidization of capital incomes—to be paid for by the earned wage incomes of the middle class.
...more
View all episodesView all episodes
Download on the App Store

Alternative VisionsBy Progressive Radio Network

  • 4.8
  • 4.8
  • 4.8
  • 4.8
  • 4.8

4.8

25 ratings


More shows like Alternative Visions

View all
CounterSpin by Fairness & Accuracy In Reporting

CounterSpin

493 Listeners

KunstlerCast - Conversations: Converging Catastrophes of the 21st Century by James Howard Kunstler & Duncan Crary

KunstlerCast - Conversations: Converging Catastrophes of the 21st Century

439 Listeners

Ralph Nader Radio Hour by Ralph Nader

Ralph Nader Radio Hour

1,198 Listeners

Background Briefing with Ian Masters by Ian Masters

Background Briefing with Ian Masters

615 Listeners

The Corbett Report Podcast by The Corbett Report

The Corbett Report Podcast

914 Listeners

Geopolitics & Empire by Geopolitics & Empire

Geopolitics & Empire

485 Listeners

Economic Update with Richard D. Wolff by Democracy at Work - Richard D. Wolff

Economic Update with Richard D. Wolff

1,965 Listeners

Scheer Intelligence by Scheerpost

Scheer Intelligence

391 Listeners

The Duran Podcast by The Duran

The Duran Podcast

601 Listeners

Useful Idiots with Katie Halper and Aaron Maté by Useful Idiots, LLC

Useful Idiots with Katie Halper and Aaron Maté

4,424 Listeners

Judging Freedom by Judge Napolitano

Judging Freedom

857 Listeners

Geopolitical Economy Report by Ben Norton

Geopolitical Economy Report

292 Listeners

System Update with Glenn Greenwald by Rumble

System Update with Glenn Greenwald

1,142 Listeners

The Chris Hedges Report by Chris Hedges

The Chris Hedges Report

266 Listeners

Daniel Davis Deep Dive by Daniel Davis

Daniel Davis Deep Dive

49 Listeners