After taking care of Obamacare, President Donald Trump is moving on to tax cuts for anyone able to afford a membership at one of Trump’s exclusive golf courses.
Trump has tweeted the fake news that he will have the biggest tax cuts since President Ronald Reagan. Unfortunately, he missed the real news that the Bush-Cheney administration already did that.
In the one tax return Mitt Romney released in 2010, he paid $3.15 million in taxes on $21.7 million in investment income. When Reagan was president 22 years earlier, Romney would have paid $5.88 million in taxes, 87 percent more, on the same income.
The Bush tax cuts have been the principal reason for the increase in the national debt to nearly $20 trillion. The cost of those tax cuts has been charged 100 percent to the deficit at a rate of about $1 billion per day for the last 14 years. Sen. Mitch McConnell has filibustered any attempts to reverse the Bush tax cuts.
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Once again a Republican president is saying he is going to return your hard-earned tax dollars. In reality, he intends to steal the money from your children by charging the tax cuts to the deficit for future generations to pay.