The Washington Post blasted the tax reform plan championed by President Trump, calling it a “win for the wealthy, entitled and irresponsible” in an editorial on Wednesday.
To be sure, there will be some unmitigated winners. The bill is a victory for wealthy heirs, who will no longer have to pay estate taxes on inheritance worth up to $22 million. It helps tax dodgers and their lawyers, who will have some potentially huge new loopholes to exploit. Because the drafting process was so hasty and sloppy, no doubt there are many hidden in the text that even its authors do not realize are there.
Other “winners” according to the Post are “corporations that look like the Trump Corporation,” “the discredited theory of trickle-down economics,” “know-nothing anti-intellectualism.” and so on.
That analysis runs counter to CNN’s John King, who said in reference to the tax cut Wednesday that for working families living paycheck-to-paycheck, “$200, $300 is damn good money and you are grateful for it.”
Several businesses responded to the final passage of the tax cut by announcing bonuses for their employees, a minimum wage boost and increases in capital spending once the law goes into effect, thereby giving a boost to the economy.
While the Post made light of the tax cut winners, it neglected to mention one of the biggest losers in the tax reform bill–high income and property tax states that have counted on deductions–which are now capped under the new law and crippling their ability to increase taxes to fund their profligate spending.