By Bill Maher
Who’s getting rich from the Trump tax cut? According to Newsweek, the CBO, and Maryland Senator Chris Van Hollen, it’s mostly foreigners.
“An average 34 percent of income from the economic activity driven by the [Trump] tax cuts is flowing out of the country, and in 2028, that number will increase to 80 percent.”
Newsweek also notes that, since the tax cuts started, “Fortune 500 companies…have spent 37 times more on stock buybacks than on American workers’ bonuses and wages.” Foreigners own a lot of stock. Because money is portable. As Trump would say, “Who knew? Nobody knew.”
If you want Americans to feel the effect of a tax cut, you give it to workers. Because workers work here. If you give it to multinationals, it’ll end up over multiple nations. It’s almost like the tax plan was under-thought-out.
At the same time, we’ll be borrowing a metric shit ton of money to patch the new trillion-dollar holes the tax cuts blew in the budget.
Senator Van Hollen:
“You’re borrowing close to $2 trillion from our kids and grandkids and then you’re giving it to corporations and others and at the end of the day 80% of the benefits of additional economic activity are going to foreigners.”
I hope they remember to make America great again.