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News Today: Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation-News of the United States was founded in 1933 by David Lawrence (1888-1973), which also started the World Report in 1946. The two magazines are covering national and international news separately, but Lawrence combines them into news reports of U.S. in World and 1948 [1] and Later sold the magazine to its employees. Historically, this magazine tends to be a bit more conservative than the two main competitors, Time and Newsweek, and focus more on the story of economic, health, and education. It's also distancing news, entertainment and sports celebrities. [2] an important milestone in the history of the beginning of the magazine is including the introduction of the "Washington Whispers" column in 1934 and the column "News You Can Use" in 1952. [3] [4] in 1958, the circulation of the weekly magazine passed one million and two million in 1973. (
wikipedia) News Today: Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation
The Trump tax plan is an all-out assault on working Americans.
According to the latest POLITICO/Morning Consult poll, a staggering 45 percent of voters support the GOP's latest proposal to overhaul the American tax system. While the results reflect a 3 percent dip since the House GOP introduced its legislation, that lofty figure suggests the public possesses a flimsy grasp of what the bill actually contains—and how it might hurt them personally.
In his Tuesday column, the New York Times' Paul Krugman urges his readers to take a closer look at the fine print. Mitch McConnell recently conceded that he "misspoke" when he said that no one in the country would be facing a tax hike. But that deception only represents a "small part of what's really going on here."
"Many of the tricks Republicans are using come right out of the Bush administration’s playbook in 2001 and 2003," he writes. "Tax breaks that phase in or out to make the 10-year budget impact look smaller? Check. Misleading examples and calculations to give the false impression of a tax cut for the middle class? Check. Pretending that tax cuts come free, that they won’t eventually have to be offset by cuts to popular programs? Check, again."
A rehashing of failed economic policy would be calamitous in its own right, but the Trump tax plan adds a few new disastrous wrinkles. Not only does it aim to protect the fortunes of the country's wealthiest families through a repeal of the estate tax, but it also takes punitive measures against the middle class. As many as half of families with children could see a tax hike by the time the plan is fully implemented, while deductibles for college loans and education expenses would be eliminated.
"So this isn’t just ordinary class warfare; it’s class warfare aimed at perpetuating inequality into the next generation," Krugman continues. "Taken together, the elements of both the House and the Senate bills amount to a more or less systematic attempt to lavish benefits on the children of the ultra-wealthy while making it harder for less fortunate young people to achieve upward social mobility."
Ultimately, the GOP couldn't make its intentions any clear.
"The tax legislation Republicans are trying to ram through Congress with indecent haste," he concludes, "looks an awful lot like an attempt not simply to reinforce plutocracy, but to entrench a hereditary plutocracy."
Read Paul Krugman's column at the New York Times.
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News Today: Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation
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