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
Behind the News with Doug Henwood by Doug Henwood

Behind the News with Doug Henwood

480 Listeners

Democracy Now! Audio by Democracy Now!

Democracy Now! Audio

5,662 Listeners

CounterSpin by Fairness & Accuracy In Reporting

CounterSpin

492 Listeners

KPFA - Letters and Politics by KPFA

KPFA - Letters and Politics

259 Listeners

The Tennis Podcast by David Law, Catherine Whitaker, Matt Roberts

The Tennis Podcast

1,295 Listeners

Jacobin Radio by Jacobin

Jacobin Radio

1,399 Listeners

Ralph Nader Radio Hour by Ralph Nader

Ralph Nader Radio Hour

1,171 Listeners

Geopolitics & Empire by Geopolitics & Empire

Geopolitics & Empire

486 Listeners

The Katie Halper Show by Katie Halper

The Katie Halper Show

1,465 Listeners

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

Economic Update with Richard D. Wolff

1,947 Listeners

Pitchfork Economics with Nick Hanauer by Civic Ventures

Pitchfork Economics with Nick Hanauer

1,481 Listeners

MOATS with George Galloway by Molucca Media Ltd

MOATS with George Galloway

115 Listeners

Geopolitical Economy Report by Ben Norton

Geopolitical Economy Report

281 Listeners

The Grayzone podcast with Max Blumenthal by Max Blumenthal

The Grayzone podcast with Max Blumenthal

267 Listeners

The Chris Hedges Report by Chris Hedges

The Chris Hedges Report

221 Listeners