Tax time is here and you can be sure that the very richest among us will savor their gigantic avoidance of tax payments, courtesy of Donald Trump and the GOP.
Not so much for the middle class and not at all for the poor. Since the “tax reform” is being paid for by a huge increase in the national debt, where is that debt being funded?
Well, one source of lending is the government of China, which raises the U.S. balance of payments to China, of which Trump raises tantrums and tariffs. Tariffs results in increased prices for exports from China to the U.S., so we pay for the tariffs, not China.
A second source of borrowing is purchase of Treasury notes by, guess who, the very rich persons and corporations who received the tax cuts. Thus, the rich double dip, first by receiving gigantic tax breaks, and then by investing the money in Treasuries to receive interest on the tax cut windfall.
Great job, GOP!