In his place we have Republican Tax-Cut Santa, who has different priorities.
You see, the new guy doesn’t care whether you’re naughty or nice. In fact, he’ll actually reward you if you’re naughty in the right ways.
But mainly he cares whether you’re rich, especially if your wealth comes from property (preferably inherited property), not hard work.
.. So this is basically a tax cut for shareholders.
And who are these shareholders? About a third of the total benefits will go to foreigners.
.. the top 1 percent of domestic households owns 40 percent of stocks, the bottom 80 percent just 7 percent.
.. the second most important piece of this tax bill, after the corporate tax giveaway, is a drastic tax cut for business owners, who will end up paying much less in taxes than people with the same income who work as someone else’s employee.
.. Over the months ahead, as thousands of top-dollar accountants and lawyers get to work, expect to see many more routes to tax avoidance emerge — but only for the rich and well connected.
.. But the doctors can get around the rule by buying the building they work in, then charging themselves an exorbitant rent. Voilà! They get to pay much lower taxes — because real estate investment trusts, strange to say, do get the big tax break.