Trump’s ‘Drain the Swamp’ Tax Bill Saved Wall Street Billions- But Workers Get Scraps
Wall Street Populism at its finest
In a new report from The Wall Street Journal, the worst effects from President Trump’s Tax Cuts and Jobs Act of 2017 have been confirmed: Wall Street banking giants like Wells Fargo and Goldman Sachs have made about $2.5 billion in the first tax quarter alone, while the average working-class American has made next to nothing.
Well, that is not entirely true. Back in early February 2018, Speaker of the House Paul Ryan pointed to a Pennsylvania school secretary earning $1.50 more on her weekly wages as proof that the new tax law was a success for the middle class. Of course it was nonsense and he knew that, but short-term gains were part of Trump and the GOP’s strategy. As Fortune’s Kirsten Korosec pointed out in December 2017, Trump’s decision to delay signing the tax reform bill until January 2018 was deliberately done to avoid gutting Medicare and Social Security until 2019.
This is because 2018 is an integral midterm year. As the country has seen with Trump’s attempts at repealing and replacing the Affordable Care Act, it has been an arduous task because of the close majority in the Senate. If the Democratic Party can at least retake one House of Congress, it will permanently impede Trump’s legislative agenda for the rest of his presidency. That’s in addition to giving the Democrats an actual chance at impeachment in the event that Special Counsel Robert Mueller’s investigation finds something directly incriminating Trump.
But the small-term gains are just one piece of the puzzle. While gullible Trump-supporting conservatives and independents will flock to the polls to continue supporting the GOP, Wall Street will reward Republican candidates with increased campaign donations for playing their part in passing this pro-Swamp bill.
That being said, there still is hope for the Democratic Party. As several races like 2017 Alabama special election and 2018 Pennsylvania 18th congressional district special election have proven, Trump is losing popularity in places that he managed to con during his presidential campaign in 2016. These voters are seeing that he lied by filling his Cabinet with Wall Street executives and corrupt individuals, increasing the United States’s global warfare, and backtracking on supporting the Trans-Pacific Partnership trade agreement. And of course, the daily embarrassments, and looming questions about Russia that plague the Trump administration.
The Tax Cuts and Jobs Act decreased the corporate tax rate from 35 percent to 21 percent, and, as workers will experience, next to none of that wealth will trickle down to them. With the GOP and some blue dog Democrats working to undermine Dodd-Frank, let progressives everywhere continue to work to reclaim the country before Trump turns the swamp into a cesspool.
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