Alternative Visions - Background to Coming Trump-Republican Tax Cuts - 03.31.17

Big tax cuts for rich and corporations are the next big policy offensive around the corner. Jack provides an historical review of tax cuts for rich and corporations in the US over the past century. Major tax reform proposals are summarized since the passage of the corporate and personal income tax in 1913 through Nixon in 1971. Details of the Reagan 1981 and 1986 tax acts, including hikes in the payroll tax and Reagan’s $752 billion tax cuts in 1981 massively benefitting corporations and investors. Clinton era tax policies are reviewed that paved the way to Bush era three major tax cuts for corporations, investors, and wealthiest households in 2001-2003.  Bush’s tax cuts of $3.4 trillion, 80% of which went to wealthiest investors and households. Bush tax cuts and bailouts of 2008-09 extended under Obama 2010-12, and then $5 trillion more extended 2013.  More than $10 trillion in tax cuts under Bush-Obama. Trump’s proposed $6.2 trillion more now coming.