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As Trump Pushes Tax Cut For The Rich, The GOP Faces a ‘Nightmare Scenario’

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With profits soaring to record levels and net investment near record low, giving corporations more cash makes absolutely no sense because it won’t lead to job creation. But Donald Trump and his Republican allies in Congress think the wealthy don’t have quite enough money yet. So, on Wednesday, they rolled out a plan for another big tax cut for guys like Trump.

But Americans are fully aware that this tax cut is not for the middle class and wonder why they are bothering with tax cuts for corporations when there are so many other more pressing problems.

There may have been a time, a generation ago, when cutting tax rates was the most popular thing a politician could do. But that day is long gone. I guess you might say Americans are tired of tax cuts, there have been so many and it never trickles down to hard-working Americans.

Today, most Americans aren’t clamoring for lower taxes, probably because nearly half of Americans owe no federal income tax at all.

Americans do pay taxes: payroll taxes to fund Social Security and Medicare, tariffs, excise taxes, corporate taxes, property taxes, sales taxes, state and local income taxes, and so on. But if they have a problem with taxes, it’s not with the federal income tax.

So a bill that cuts federal income taxes for middle-class is a sad way of camouflaging the real intent of the bill: Giving millions of dollars to the very wealthy, who happen to be the only people who are really benefiting from our uneven economic growth.

House Speaker Paul Ryan calls tax cuts the “secret sauce” for a better economy. But that the secret sauce is just the same old ketchup and mayo.

But the gimmick could backfire on Republicans and Trump knows it. So he has built an escape hatch from his own tax plan, resisting the framework that had been cooked up by congressional leaders, plus economic adviser Gary Cohn and Steve Mnuchin, Axios reported.

On Monday, there were some tense moments for Republicans at both ends of Pennsylvania Avenue, as word got out Trump wasn’t thrilled with the framework, according to Axios. The situation left Republicans on the Hill genuinely uneasy and thought there was a chance Trump wouldn’t sign off.

If Trump shows the fickleness he showed on repeal-and-replace (championing the House plan, then later calling it “mean”), that could increase the chances the plan sinks, with him blaming Congress.

Some conservative Republicans worry about a “nightmare scenario” for the party: no health care repeal and no tax reform.

Tax reform is now an existential issue for House Speaker Ryan and Senate Leader McConnell. If they botch this, as they did health care, both chambers could lose their Republican majorities.

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NEWS

‘I can’t In Good Countenance Continue To Show This’: Fox News Cut Away From Trump’s Press Sec. For Pushing Baseless Claims Of Election Fraud

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Fox News anchor Neil Cavuto on Monday cut away from a press briefing featuring Kayleigh McEnany, who is both the White House press secretary and a Trump campaign spokesperson, as she continued to push Donald Trump’s baseless claims of election fraud.

“She’s charging the other side as welcoming fraud and illegal voting. Unless she has more details to back that up, I can’t in good countenance continue to show you this,” Cavuto said as he cut off the press conference, pushing back on what he described as “explosive” charges from McEnany.

“Not so fast,” Cavuto added.

McEnany suggested, without evidence, that Democrats welcomed “fraud” and “illegal voting” in the 2020 election.

“We want every legal vote to be counted,” McEnany said, echoing President Donald Trump’s unsubstantiated claim that votes for President-elect Joe Biden were illegal.

Though multiple major news outlets, including Fox News, have declared Biden the projected winner of the 2020 election, Trump has refused to concede and is rejecting the results, claiming that he won the election.

Meanwhile, a number of world leaders have congratulated Biden on his victory, including UK Prime Minister Boris Johnson and Canadian Prime Minister Justin Trudeau.

Even before the end of voting on November 3, the president repeatedly signaled he would claim the election was “rigged” against him if he lost, but there is no evidence to substantiate such claims.

Watch Nei Cavuto’s segment below:

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