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Donald Trump Wants To Tax Your Retirement Account To Pay For Tax Cuts For The Rich And Corporate Tax Breaks

Americans have a hard time saving money, especially when it comes to retirement. But the little they do put into 401(K) accounts, President Trump wants to start taxing. As Politico reports:

 

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“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.”

 

 

The new tax is one of the ways that the Republicans will try to make Trump’s massive tax cut for the wealthy work. Working class Americans who need to save for decades to be able to afford retirement will be subsidizing the rich. If this comes to fruition, Trump will be hurting Americans for decades to come.

 

 

But Trump believes so much in trickle-down economics—something that has been disproven again and again over the last century—that he and his White House are ignoring any damage their tax bill will cause Americans, and how much it will add to the deficit. As Politico reports, “Top White House officials are less concerned about adding to the deficit because many believe that the economic growth stemming from lower tax rates will make up any budget shortfalls.”

Trump is gambling people’s future in a game everyone already knows is rigged—and that’s why he’s doing it. When he gets out of office, he’ll be much wealthier than when he went in thanks to his own tax plans.

 

 

 

But Trump believes so much in trickle-down economics—something that has been disproven again and again over the last century—that he and his White House are ignoring any damage their tax bill will cause Americans, and how much it will add to the deficit. As Politico reports, “Top White House officials are less concerned about adding to the deficit because many believe that the economic growth stemming from lower tax rates will make up any budget shortfalls.”

Trump is gambling people’s future in a game everyone already knows is rigged—and that’s why he’s doing it. When he gets out of office, he’ll be much wealthier than when he went in thanks to his own tax plans.

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