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LETTER FROM THE US


The tax reform package includes


‘YOU ALL JUST GOT A LOT RICHER’–FOR NOW


L


ast Christmas came early for millions of Americans when US president Donald Trump signed a $1.5 trillion Republican tax reform bill into law. “You all just got a lot richer,” Trump told wealthy friends at


his private Florida club after endorsing the first major overhaul of US tax laws in 21 years. Hardly a tactful quip, but when has Donald Trump


fretted over tact? Analysts say the president may be $15 million personally better off.


a cut in the corporate rate from 35% to 21%, with about 80% of US households due to pay less in 2018. Most Americans will benefit from the reforms, but cuts for the working and middle class expire in 2025 while those for corporations will not. The nonpartisan Tax Policy Center


predicts nearly three-quarters of the savings from reforms would go to the top 20% of earners, those making more than $149,000. More than half the savings would go to the top 1%, people who earn more than $732,800. Another aim of the legislation is to


stop America’s biggest multinationals hoarding trillions of dollars offshore and invest at home instead.


8


CAMPDENFB.COM


ISSUE 72 | 2018


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