Krugman writes: "The GOP knows Trump is unfit for office, and many worry about his mental stability. But they'll back him as long as they think he might get those tax cuts through. So what's behind this priority? Follow the money."
President Trump and Mitch McConnell speaking to reporters on Monday. (photo: Tom Brenner /NYT)
18 October 17
ccording to a new CBS News poll, almost 60 percent of the American public believes that the current Republican tax plan favors the wealthy. Some people see this number as a sign that the plan is in trouble; I see it as a sign that Republican lies are working far better than they deserve to.
For the plan does indeed favor the wealthy — overwhelmingly, undeniably. It’s shocking that as many as 40 percent of Americans don’t realize this.
It’s not difficult to see how the plan is tilted toward the very top. The main elements of the plan are a cut in top individual tax rates; a cut in corporate taxes; an end to the estate tax; and the creation of a big new loophole that will allow wealthy individuals to pretend that they are small businesses, and get a preferential tax rate. All of these overwhelmingly benefit the wealthy, mainly the top 1 percent.
