Hours after canceling a modest pay raise for around two million federal employees, Trump told Bloomberg on Thursday that he is considering another $100 billion in tax cuts for the 1% by indexing capital gains to inflation.
He is freezing a planned 2.1 percent pay increase for federal workers claiming that "federal agency budgets cannot sustain such increases." But for Trump and the Republican Party, concerns for "fiscal sustainability" are quickly dropped when it comes time to deliver major gifts to the rich, Wall Street, and the Pentagon.
Indexing capital gains to inflation—a move that Trump aministration has been considering for weeks—would primarily benefit the richest Americans, given that millionaires pay the vast majority of capital gains taxes. The proposal would cost up to $102 billion, with a stunning 63% of the tax benefit going to the top 0.1%, 86% going to the top 1%, and 95% going to the top 5%.
https://www.commondreams.org/news/2018/08/31/just-hours-after-ordering-pay-cut-millions-public-workers-trump-proposes-100-billion
He is freezing a planned 2.1 percent pay increase for federal workers claiming that "federal agency budgets cannot sustain such increases." But for Trump and the Republican Party, concerns for "fiscal sustainability" are quickly dropped when it comes time to deliver major gifts to the rich, Wall Street, and the Pentagon.
Indexing capital gains to inflation—a move that Trump aministration has been considering for weeks—would primarily benefit the richest Americans, given that millionaires pay the vast majority of capital gains taxes. The proposal would cost up to $102 billion, with a stunning 63% of the tax benefit going to the top 0.1%, 86% going to the top 1%, and 95% going to the top 5%.
https://www.commondreams.org/news/2018/08/31/just-hours-after-ordering-pay-cut-millions-public-workers-trump-proposes-100-billion
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