The New York Times, which has been repeatedly flogged by President Trump as a ‘failing’ newspaper, published an editorial late Wednesday declaring that Trump’s proposed tax plan is ‘laughable’.
The piece calls Trump’s proposal a “laughable stunt by a gang of plutocrats looking to enrich themselves at the expense of the country’s future.”
The editorial also claims that the cuts in taxes for businesses and wealthier families constitutes a”vague hope of propelling economic growth.”
“So as to not seem completely venal, they served up a few goodies for the average wage-earning family, among them fewer and lower tax brackets and a higher standard deduction,” the editorial added.
“The proposal was so empty of illustrative detail that few people could even begin to calculate its impact on their pocketbooks.” the piece continued.
Other criticisms leveled at the plan by the Times include the claim that the tax cut will not benefit the average American family because it will do away with “important deductions like those for state and local taxes.”
Trump’s plan aims to introduce three tax brackets for individuals at 10, 25, and 35 percent. Under the proposal, the standard tax deduction would double, but most itemized deductions would be scrapped. The plan would also eliminate inheritance taxes.
In addition, the rate of tax for corporations and the vast majority of businesses would be reduced to 15 percent, down from 39.6%. The plan would also end taxation of corporate profits earned overseas.
Critics have labeled the plan as a huge tax cut for the rich.
The Times editorial accuses Trump’s interests as being “not with the working people who elected him, but with the plutocracy that envelops him.”
The piece argues that “Borrowing trillions of dollars to provide a huge windfall for people at the top” is not a legitimate reason to increase the $19tn deficit.
Critics have suggested that A 20-percentage-point cut to corporate tax rates will add $2.4tn to the national debt.
Trump himself has described the tax reform proposal as “historic” saying it “will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone.”
While Treasury Secretary Steven Mnuchin championed the plan as “the biggest tax cut and the largest tax reform in the history of our country.”
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