Socialist Party
| Print

6 December 2017

Trump's tax plan: Robin Hood in reverse

When Donald Trump is not retweeting racist videos, or reportedly obstructing justice over his former national security adviser's lies, or threatening to start world war three, he's doing what he does best - making a stack of cash for himself!

Republicans in the Senate have pushed through a hastily redrafted tax bill that will slash taxes on US corporations and the wealth of the super-rich - at the expense of working and middle class living standards and public services.

Trump's tax plan, apart from adding an estimated $1.2 trillion to the federal deficit, will cut taxes mainly on big business and the wealthiest individuals by between $1.4 and $2.4 trillion. An estimated two-thirds of the tax cuts will go to the richest 1%.

US corporations claim that the current 35% federal tax rate makes them 'uncompetitive'. But tax loopholes mean the real rate for these giant companies is around 22%.

Under Trump's plan it will drop to just 20%. This is at a time when US corporate profits are at an historic high.

Further, according to DCReport.org, "the top tax rate on partnerships and limited liability companies [also known as pass-through entities] would fall from 39.6% to 25%. Trump has more than 500 such businesses."

As Socialist Alternative (US co-thinkers of the Socialist Party) says: "We need to fight for a socialist society in which the top banks and corporations are taken into public ownership under direct democratic control of workers, consumers and broader public.

"Only then can we guarantee that these massive profits currently shielded from the treasuries of capitalist governments, are used for full public investment in jobs and social services."




http://www.socialistparty.org.uk/articles/26587




Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

triangle17 Aug Sunderland Liebherr strike for better pay

triangle14 Aug Victory: NHS workers say no to privatisation

triangle8 Aug The fight against Labour's Blairites and TUSC's role now

triangle8 Aug Break the pay cap - the fight continues!

triangle8 Aug Antisemitism slanders against Corbyn

triangle7 Aug Turn the heat on the bosses not the bus drivers!

triangle7 Aug No to Tory plans for radioactive waste under national parks

More ...

WHAT'S ON

triangle9 Sep Manchester: NSSN pre-TUC rally


triangle21 Aug Bristol North Socialist Party: Modern day slavery in Bristol and worldwide

triangle21 Aug Cardiff West Socialist Party: Is China capitalist?

triangle22 Aug Salford Socialist Party: China and the struggle against repression

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

What we Stand For

About the Socialist Party

Our 2015 election manifesto

Joining the Socialist Party - what will it mean for you

ARCHIVE

Alphabetical listing


August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999