Trumps $700 Billion Gift to Wealthy Foreigners by Paul Krugman at the NYTimes

[applegrove]

https://mobile.nytimes.com/2017/10/26/opinion/trump-taxes-wealthy-foreigners.html?smid=tw-nytimes&smtyp=cur&_r=0&referer=https://t.co/Ljc7G6Dp0l?amp=1

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But one thing is true: These days there’s a lot of cross-border investment. In particular, as Steven M. Rosenthal of the Tax Policy Center notes — in a paper I found revelatory — around 35 percent of U.S. equities are now owned by foreigners, triple the level during the Reagan years.

What this means is that around 35 percent of a tax cut from an administration that proudly uses the slogan “America first” — $700 billion over the next decade — wouldn’t even go to Americans. Instead, it would be a windfall to wealthy foreigners, who would probably gain a lot more from the tax cut than U.S. workers. Oh, and it makes all that talk about allies not paying their “fair share” sound kind of silly, doesn’t it?

And meanwhile, the result would be a huge hole in the budget, which Republicans would try to close at the expense of the poor and middle class. The budget resolution the House and Senatepassed over the last week called for cuts of $1 trillion in Medicaid and almost half a trillion in Medicare. The resolution doesn’t have the force of law, but it’s a pretty clear indication of what’s next if the big tax cuts pass.

Now, it may sound extreme to say that Trump and his allies want to take away health care from millions largely so that they can give wealthy foreigners a $700 billion gift. But however it may sound, it’s also the literal truth.

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[Hekate]

1. KnR

[smirkymonkey]

2. Kick!

[SergeStorms]

3. And of course....

those wealthy foreigners will spend their Trump give-away windfall right here, in the good old U.S. of A. They'll be buying businesses close to their homes, not thousands of miles away where they can't have hands-on control over it.

Many of those wealthy foreigners are Russians as well. I'm positive they have the best interests of The United States economy in mind, correct? Trump and the GOP are genuinely near sighted when looking at their wonderful tax cuts.