NY Times: Trump’s Tax Plan Laughable

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In an article written by the editorial board at The New York Times, President Trump’s tax plan proposal was ripped to pieces on Thursday.

The headline reads: ‘President Trump’s Plan to Cut His Own Taxes.’

In the first paragraph, the article claims, “The skimpy one-page tax proposal his administration released on Wednesday is, by any historical standard, a laughable stunt by a gang of plutocrats looking to enrich themselves at the expense of the country’s future.”

Trump’s plan limited the number of tax brackets to three and it offers huge incentives for businesses. The corporate tax rate is literally slashed by more than half, falling to just 15%. But, The New York Times isn’t happy with the plan.

The article states, “Two of Mr. Trump’s top lieutenants — Steven Mnuchin and Gary Cohn, both multimillionaires and former Goldman Sachs bankers — trotted out a plan that would slash taxes for businesses and wealthy families, including Mr. Trump’s, in the 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 article rants on and on about how President Trump wants to do away with taxes that hurt the rich and stifle business growth. What the article fails to do is explain why the tax plan is bad for middle-income earners.

It should come as no surprise that the only passage in the article that focuses on the middle class is this one: “The proposal was so empty of illustrative detail that few people could even begin to calculate its impact on their pocketbooks. Further, depending on where they live, some middle-class families might not benefit much or at all, because the plan does away with important deductions like those for state and local taxes.”

The full article can be read here.

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