Trump favors the rich
We all know that Elon Musk, Jeff Bezos, Mark Zuckerberg and other tech titans need more money. President Trump has obliged them with the recent bill lowering tax rates for billionaires. That same bill cuts SNAP benefits. If you who don’t know what SNAP benefits are, they provide “food benefits to low-income families to supplement their grocery budget.” The Trump administration is literally taking from the poor to give to the rich.
Trump’s recent “reconciliation” bill cut the tax rate on earnings above $626,000 from 39.6% to 37%. That 37% tax rate is a “marginal” rate, meaning that is the rate paid only on the amount over the $626,000 mark. Billionaires pay the same rates as the rest of us on earnings lower than that. That’s if the billionaires pay that tax rate at all rather than the lower capital gains rates, which are typically either 15 or 20%. Warren Buffet noted that he paid taxes at a lower rate than his secretary.
Poor kids will have difficulty concentrating in school because they are hungry. They will be less likely to achieve. Musk, Bezos and billionaire bros can pour money into yachts costing $300 million or space programs because they can light fires with hundred-thousand dollar bills without even a thought. Well, that sounds fair (not). If you got SNAP benefits and think the billionaires are on your side, think again.
Corey Belobrow
Concord