Trump’s Tax Cut – FDR Would Be Envious

Authored by Tom Luongo,
The first rule of politics is feather your own nest. President Trump’s tax cut proposal always had this in mind.
Congress has passed a bill which tinkers at the edges but leaves most of Trump’s core proposal intact. It’s obvious to me that Trump has the political acumen of another brilliant U. S. politician, the loathsome Franklin Delano Roosevelt.
Yeah, I’m not a fan of FDR. But I do respect his political skill in the same way I respect the way sharks hunt their prey.
FDR repackaged Herbert Hoover’s Works Progress Administration as ‘The New Deal’ which set him on a course of near perpetual re-election thanks to the wealth redistribution it engendered.
Am I saying the New Deal was nothing more than a vote-buying scheme? Yeah, pretty much. FDR knew that politicizing the Supreme Court and pushing the New Deal, even if he did it for the right reasons, would reshape the Federal election landscape for generations.
Trump’s tax plan will have similar effects. And it’s why there was such staunch opposition to it in Congress.
Democratic leadership understand that the triple-whammy of eliminating the State and Local Tax exemption, lowering corporate tax rate to 20% and incentivizing the on-shoring of corporate profits held overseas will gut their support at the electoral college level.

This post was published at Zero Hedge on Dec 3, 2017.

 

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