The Republican tax plan's 'dynastic' payoff for mega-rich GOP donors

[CousinIT]

Not only does Donald Trump stand to gain $1 billion in savings from the Republican tax cut that House passed last week, major Republican donors will also save a windfall.

Eleven top Republican donors like Sheldon Adelson, Paul Singer, the Ricketts, and the Kochs may have collectively made $205 million worth of political contributions in 2016, but their payoff, should the House tax plan prevail, will be a cool $67.5 billion, according to an analysis by the Center for American Progress.

Chart showing 11 GOP donors who made about $205 million in 2016 political contributions, will save $67.5 billion from repeal of the estate tax.



“We should call it the “dynastic tax,” economist Robert Reich told MSNBC’s Chris Hayes.

Over the next 30 years, the really rich billionaire and semi-billionaire baby boomers are going to be transferring about $30 trillion to their children. I mean, you're going to have the biggest intergenerational transfer of wealth in history. And if they can eliminate the estate tax and if they can actually wangel things so that there is no capital gains tax, we are creating a dynastic class in America as fast as we possibly can.

Meanwhile, graduate students will be paying taxes on more money than they actually earn annually because the House bill will tax the tuition waver they get for working as class instructors. But when you look at the above chart, it’s little wonder that Republican lawmakers are getting a ginormous amount of pressure from their donors to just do something on taxes already. That “something” will likely create a small cluster of familial dynasties in America that are practically impenetrable.

Watch the Reich video below.

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https://www.dailykos.com/stories/2017/11/24/1716365/-The-Republican-tax-plan-s-dynastic-payoff-for-mega-rich-GOP-donors

[dalton99a]

1. Kick

[jalan48]

2. What a surprise. It's how our system works these days-Class Warfare.

[wiggs]

3. and doesn't even count tax rate cut. Remember, Tom Delay wanted

to create a 100 year gop rule based on K street lobbying and donations and gerrymandering.