Trump’s Big Corporate Tax Cut Keeps Getting Harder and Harder

Ron Sachs/CNP via ZUMA

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Let’s see. Republicans first proposed a complicated border tax scheme as a way of paying for their huge tax cut to the well-heeled. That didn’t fly. Trump then preemptively declared both the mortgage interest deduction and the charitable deduction off limits. Republicans regrouped and laid out a proposal to eliminate the deduction for state and local taxes. That died when a bunch of red-state senators realized it would affect them, not just Democrats in blue states. Child tax credits are also off the table since Trump wants to increase those. Ditto for capital gains rates, which no Republican wants to increase. Finally, in desperation, Republicans recently tossed out the idea of limiting 401(k) contributions, but now Trump has killed that idea too.

So mortgage interest, charitable deductions, retirement income, state and local taxes, and education accounts are all now off limits. That’s basically everything. There is no longer any way, even theoretically, to pay for the Republican tax cut.

And yet wealthy business owners want their tax cut. That’s the only reason they supported an obvious simpleton like Trump in the first place. So Republicans need to deliver.

But how? I predict smoke and mirrors.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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