Sometimes, we know things intuitively – things like Donald Trump promises to spend a lot of money he doesn’t have. Now, we have hard facts to prove it.
The Institute on Taxation and Economic Policy (ITEP) has published a report , as covered by The New York Times, finding that Donald Trump’s tax proposals taken together would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
If these proposals were in effect in 2026, the richest 1 percent would receive an average tax cut of about $36,300 and the next richest 4 percent would receive an average tax cut of about $7,200. All other groups would see a tax increase with the hike on the middle 20 percent at about $1,500 and the increase on the lowest-income 20 percent of Americans at about $800.
Think about it … a “tax increase for all other income groups.” That’s us, folks. Read more about what happens to our debt at Trump’s Budget Creates Fiscal Hole TWICE AS BIG as Harris-Walz’s.
The data—yeah, I know data is boring, but this data is personal because it hits us in our pocketbooks. Trump plans to raise taxes on everyone but the SuperRich, and the SuperRich will get a tax cut.
Somehow, even grocery bills pale by comparison. At least, there is hope for groceries going down because President Biden and Vice-President Harris are using antitrust laws to target the food and beverage industry. Kroger appears to be first in line.
Antitrust in the wind? Kroger buys Albertsons
When I think about The Kroger Company, I think about losing my favorite grocery store—Harris Teeter. Now, as Kroger tries to buy the Albertson food chain, I look carefully at its record of promises — broken promises.
When Kroger bought Harris Teeter, all the promises Kroger made that I care about were broken. First, my nearby favorite grocery store was closed (after Kroger promised not to do so). Then I drove twice, maybe three times as far, to another Harris Teeter and found myself roving the aisles for my favorite brands—all gone, all replaced by different brands, same price, lower quality.
It’s a sneaky way for the grocery and beverage industry to make more money from the shopper.
But it isn’t as sneaky as Donald Trump making a gazillion promises—most of them mispronounced and less than sincere. On the other hand, he banks on us not learning about his commitment to raise our taxes until after he is elected.
You can stop him, in part by sharing this to help make sure everyone knows before they vote.
Juliana Kaplan and Ayelet Sheffey, The Business Insider: The top 5% will benefit from Trump’s tax plans while the rest of America pays more, a new analysis says
New York Times: https://www.nytimes.com/2024/10/07/us/politics/trumps-plans-could-increase-us-debt-while-raising-costs-for-most-americans.html