FILE PHOTO: U.S. President Donald Trump speaks about tax reform during a visit to Loren Cook Company in Springfield, Missouri, U.S., August 30, 2017. REUTERS/Kevin Lamarque
One of the proposals being floated by the Trump White House on tax reform is to tax the retirement plan contributions of workers upfront to pay for tax cuts for the wealthy and corporations.
Politico reported in August, “One idea quietly being discussed would be taxing the money that workers place into their 401(k) savings plans up front: an idea that would raise billions of dollars in the short-term and is pulled from the Camp plan. This policy idea is widely disliked by budget hawks, who consider it a gimmick; the financial services industry that handles retirement savings; and nonprofits that try to encourage Americans to save.”
Americans already don’t save enough money for retirement, so taxing retirement account contributions is an idea that is certain to make the problem worse, but Republicans don’t care if American workers can ever afford to retire. The scheme is all about making the numbers work on paper, so that the wealthy and corporations, a.k.a. people just like Donald Trump can get the tax cut that they don’t need.
Republicans have learned nothing. They are still trying to sell a big tax cut to the wealthy and corporations as a tool for economic development. History and the data both show that tax cuts for the wealthy don’t grow the economy. Trickle down economics doesn’t work. Republicans are going to blow up the deficit and take money out of the economy with tax cuts for the top, and then feign ignorance when the inevitable economic recession occurs.
The plan to tax workers to give rich people a tax cut perfectly sums up the Trump presidency. Donald Trump isn’t governing for regular Americans. Trump is only interested in helping people like himself and pandering to the bigoted right wing fringe that makes up the bulk of his support.
Under Donald Trump, workers will be sacrificing their future retirement so that that rich people can have a tax cut today.
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