Good news, folks — our new president says he’s planning a “tax holiday” for you.
Well, not directly for you. Trump’s trillion-dollar whopper of a tax break will only go to such multinational corporations as Apple, GE, Johnson & Johnson, and Microsoft.
However, Trump says he’ll push for these cuts in your name, insisting that the trickle-down effect will create thousands of new jobs for America’s hard-hit working stiffs.
Here’s the deal: To dodge paying the taxes they owe to our country, many U.S.-based global giants have stashed about $2 trillion worth of profits in offshore bank accounts. Now they want to bring this pile of loot home — yet they want to be rewarded for doing so by having the taxes they owe slashed.
Enter The Donald, who’s delighted these scofflaws by offering to tax that offshore income at the low rate of only 10 percent — versus the 30 percent you and I pay for America’s upkeep. “Trust me,” exclaims the Donald. They’ll expand their businesses here and generate jobs for you!
I was born at night, but it wasn’t last night.