In the week that’s passed since the White House unveiled its tax-reform plan, Republicans and Democrats have expressed their reservations about the proposal, particularly after an analysis from the non-partisan Tax Policy Center suggested that taxes would rise over the coming ten years for most members of the middle class if the proposal were passed into law.
Even though I have said this before apparently no one was listening so I have to say it again* because every time a new tax reform bill is proposed, the same clichés are trotted out and most of them are wrong. The purveyors of these clichés know they are wrong but they don’t care because they are trying to manipulate you to their ends. And, people fall for them.
Here is what the polls say about what Americans think about taxes (Gallup, Pew Research):
The Center for Community Change Action (CCCA), a Washington, D.C.-based 501 (c)(3) progressive community organizing group and contributor to the anti-Trump "Resistance" movement, counts some of the most prominent American families among its impressive donor base. Unfortunately, at least for those donors, their staggering contributions to the secretive group have just been revealed by The Washington Free Beacon and include massive multi-million dollar grants from George Soros, the Kellogg Foundation and the Ford Foundation, among others.
A new study of public pension returns by Cliffwater LLC has found that the median U.S. state pension plan returned just 5.9% annually over the 10 years ended June 30, 2016. Meanwhile, as Pension and Investments notes, the top performing state pension, the $15.6 billion Oklahoma Teachers' Retirement System, was the only fund that managed to eek out a return over 7% during the same period.
One of the reason why the torrid dollar rally of the past few weeks appears to have plateaued, at least for the time being, is that just like earlier in the year, doubts have emerged about the viability of the "new and improved" tax plan, which according to the Tax Policy Center would mostly benefit the "Top 1", even as it eventually pushes taxes for the upper middle class progressively higher.