The Californian

Trump: A reverse Robin Hood with his tax plan

Michael Barry, Staff Writer

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Donald Trump has shoved down our throats a tax plan that is objectively bad for America.

Reminiscent of Reaganomics, this tax bill gives tax breaks for luxuries like private jet ownership, something we all know that rich people need. 

Trump released the Tax Cut and Jobs Act which was touted as a tax break for the working man, one that will help them in their day-to-day lives by giving them a few extra thousand dollars per year. 

This tax cut was also intended to give corporations a cut from the standard tax of 35 to 21 percent. Lowering the corporate tax was attempted in the 1980s through Reagan’s economic plan nicknamed trickle-down economics.”

Trickle-down economics was an economic plan that, by reducing the amount of money that businesses were supposed to spend on taxes, companies would supposedly re-invest in their businesses and create new jobs for Americans.

The bill included a tax raise for middle class families who make less than $75,000 per year by 2027. It also includes a section that raises the estate tax, which a tax of 40 percent on people whose estates are valued at $5.6 million, to people who’s estates are valued at more than $11.2 million.

The bill also allows for the drilling of oil in the Alaskan National Wildlife Refuge.

The tax bill is being touted as a break for the working middle class family, the core of whom voted for Trump. 

But the bill is a way for millionaires to make more money off of their companies who will make 10 percent more this year due to the corporate tax rising. Warren Buffett’s company, Berkshire Hathaway, made $29 billion off of the Trump tax cut, according to Buffett himself.

Republicans have found that if they give small tax breaks to the middle class at the passing of the bill in the short term, then these people might not notice their taxes rising by the 2027. 

The worst portion of the bill is the part that allows for oil drilling in the Alaskan National Wildlife Refuge (ANWR). 

The ability of the government to drill in the ANWR has been a debate for the last four decades. The US Geological Survey has estimated that there are between 4.3 and 11.8 billion barrels of oil in a 1.5 million acre section of the refuge. 

On top of the risk of spillage, using all of that oil will create a large amount of carbon dioxide from burning it all and creating a even bigger environment issue.

Drilling in the wildlife refuge endangers species, such as caribou and polar bears. The only reason this oil field should be drilled is if drilling this site is vital for national defense.

Many people are probably wondering, “How is the government going to pay for this tax cut for corporations and the wealthy? 

The answer? Raising the national debt even higher than it is. It will raise the national debt by $1 trillion over the next 10 years. The national debt is about $21 trillion, with the debt per citizen equaling about $63,000.  

Trump’s tax bill is nothing short of reverse Robin Hood – taking from the poor (or in this case lower middle class) and giving to the rich.

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Trump: A reverse Robin Hood with his tax plan