Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Dear Common Dreams Readers:
Corporations and billionaires have their own media. Shouldn't we? When you “follow the money” that funds our independent journalism, it all leads back to this: people like you. Our supporters are what allows us to produce journalism in the public interest that is beholden only to people, our planet, and the common good. Please support our Mid-Year Campaign so that we always have a newsroom for the people that is funded by the people. Thank you for your support. --Jon Queally, managing editor

Join the small group of generous readers who donate, keeping Common Dreams free for millions of people each year. Without your help, we won’t survive.

Treasury Secretary Steven Mnuchin and his wife Louise Linton arrive at the White House for a state dinner April 24, 2018 in Washington, D.C. (Photo: Aaron P. Bernstein/Getty Images)

But How Will They Pay for It? Trump Plan Would Bypass Congress to Hand Rich Another $100 Billion in Tax Cuts

The U.S. apparently can't afford single-payer, but the question of cost "never applies to billion dollar transfers to the one percent."

Jake Johnson

No longer bothering to pretend that its tax policy amounts to anything more than dumping as much money as possible into the pockets of ultra-wealthy CEOs and investors, the Trump administration is considering a plan to leapfrog Congress and unilaterally hand the richest Americans another $100 billion in tax cuts.

"Donald Trump wants to go around Congress and hand $100 billion to his rich buddies on top of the $1.5 trillion he gave away to billionaires and big corporations last year. D.C. works great if you're rich and powerful."
—Sen. Elizabeth Warren

As the New York Times reports, Treasury Secretary and wannabe Bond villain Steve Mnuchin is studying whether his department has the authority to change "the definition of 'cost' for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells."

Almost two-thirds of the benefits of such a change would go to the top 0.1 percent, the Times notes.

How will the White House pay for such a windfall to the wealthy? This question is always raised to squash proposals that benefit the poor and working class, but—as The Debt Collective notes on Twitter—it "never applies to billion dollar transfers to the one percent."

While lauded by Republican members of Congress and prominent right-wing anti-tax crusader Grover Norquist, the Trump administration's legally questionable plot was quickly denounced by progressive lawmakers and advocacy groups as yet another "disgusting" attempt by Trump to do "everything he can to enrich the wealthy while stacking the deck against the middle class."

Ted Genoways, editor-at-large of Pacific Standard, likened the White House's plan to reward the richest Americans by executive fiat to "that part of every bank heist movie, where the robbers realize they've triggered the alarms and the cops are on the way, and so they just start stuffing the bags with as much money as they can carry."

Trump's latest plan to reward the wealthy comes as Republicans are fast at work on their "tax cuts 2.0," which will double down on the $1.5 trillion gift to the rich Trump signed into law last year.

While, as predicted, the tax cuts have been a major boon for CEOs and major corporations—which have used a huge portion of their savings to buy back their own stock—workers have seen virtually no gains from the tax bill. In fact, even as the economy continues to grow at a steady clip, wages are actually declining—which means that all of the new growth is going straight to the top.


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

"I'm sure this will be all over the corporate media, right?"
That’s what one longtime Common Dreams reader said yesterday after the newsroom reported on new research showing how corporate price gouging surged to a nearly 70-year high in 2021. While major broadcasters, newspapers, and other outlets continue to carry water for their corporate advertisers when they report on issues like inflation, economic inequality, and the climate emergency, our independence empowers us to provide you stories and perspectives that powerful interests don’t want you to have. But this independence is only possible because of support from readers like you. You make the difference. If our support dries up, so will we. Our crucial Mid-Year Campaign is now underway and we are in emergency mode to make sure we raise the necessary funds so that every day we can bring you the stories that corporate, for-profit outlets ignore and neglect. Please, if you can, support Common Dreams today.

 

Poll Shows Majority Oppose Supreme Court's Attack on Fundamental Rights

Fifty-six of respondents said they're now concerned the court will attack marriage equality and the right to obtain contraception.

Julia Conley ·


Global Windfall Profit Tax of 90% Needed to Address 'Catastrophic' Food, Climate Crises: Oxfam

Taxing the excess profits of large corporations within the G7 alone could raise an estimated $430 billion to fight world hunger, deliver vaccines to the entire world, and make a giant dent in the fight to drive down fossil fuel pollution and jumpstart the necessary renewable energy transition.

Jon Queally ·


NATO to Boost Ranks of High-Readiness Forces by 650% to Over 300,000

Anti-war campaigners responded that "this is not the path to peace and will not make the world safer."

Jake Johnson ·


Ilhan Omar Says Plan to Fix Supreme Court Must Include Impeachment Probes

"We need an impeachment investigation into Clarence Thomas' role in the January 6th coup, as well as into Gorsuch, Alito, Barrett, and Kavanaugh's testimony on Roe during their confirmation hearings," said the Minnesota Democrat.

Jake Johnson ·


Right-Wing Justices Should Be Impeached for Lying Under Oath, Says Ocasio-Cortez

"We have a responsibility to protect our democracy," said the New York Democrat. "That includes holding those in power who violate the law accountable."

Kenny Stancil ·

Common Dreams Logo