Trump’s America – Episode # 169 – Super Rich Always Win Big In America

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It’s So Nice Being Rich We Always Win
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By Arthur Piccolo

News Americas, NEW YORK, NY, Fri. May 8, 2020: Even Covid-19 can’t stop the SUPER Rich … …

 From getting richer and RICHER – just ask Jeff Bezos …..

PANDEMICS ARE VERY, VERY GOOD FOR $$$ and the new issue of Business Week just gave us all the details to prove it. Bezos has made more billions!

QUESTION? What happened after the country’s last BIG crisis, the financial collapse of 2008? Yes, let’s ask Business Week – they know those who OWN AMERICA – not you stupid poor and powerless (just being rhetorical, don’t take it personal – we are stupid for allowing it) the rich and the powerful…

NEVER WASTE a crisis – all that pain and suffering for others, the better for THE RICH AND POWERFUL!

Or as The New York Times put it on April, 24, 2030, in its headline: “The Tax-Break Bonanza Inside the Economic Rescue Package.”

Let us begin…..

As the federal government dispenses trillions of dollars to save the economy, small businesses and out-of-work individuals are jostling to grab small slices of aid before the funds run out ……

But another group is in NO danger of missing out: wealthy individuals and big companies that are poised for tax windfalls.

THANK GOD …. another group is in no danger of missing out: wealthy individuals and big companies that are poised for tax windfalls.

Imagine if this terrible crisis and legislation to deal with it did NOT also take care of the rich and powerful. Congress would be in big trouble.

Do not worry, Congress took care of the rich and the powerful as usual….

As part of the enormous economic rescue package that became law last month, the federal government is giving away $174 billion in temporary tax breaks overwhelmingly to rich individuals and large companies, according to interviews and government estimates.

STEP RIGHT UP …. That’s $174 BILLION in “temporary” (laugh now) tax breaks overwhelmingly to rich individuals and large companies, according to interviews and government estimates.

That is right yet another $174 BILLION for the richest Americans! That should keep them off the unemployment lines during Covid-19.

Praise the Lord and Congress …

Let me and my media partner, The New York Times, tell you more …. Some of the breaks apply to taxes that have long been in the cross hairs of corporate lobbyists. They undo limitations that were imposed to rein in the giveaways embedded in a $1.5 trillion tax-cut enacted in 2017. None specifically target businesses or individuals harmed by the coronavirus.

How outrageous! Back in 2017, in the massive tax cut package Congress passed that President Trump signed, the rich got even richer yet Congress had the AUDACITY to include a provision …. A few LIMITATIONS that prevented the rich from benefiting even more from the 2017 tax bill.

 So to make the super-rich happy again in the new Covid-19 legislation  …

One provision tucked into the federal economic-rescue law increases the amount of deductions companies are permitted to take on the interest they pay on large quantities of debt. Only companies with at least $25 million in annual receipts can qualify for that break. Is that all? NO, there’s much more  …

Another change lets people deduct even more of their businesses’ losses from any winnings they reaped in the stock market, sharply reducing what they owe in capital gains taxes. Only households earning at least $500,000 a year – the top 1 percent of American taxpayers – are eligible.

I don’t know, this still seems “stingy” to the rich. YES, there is more!

And yet another provision in last month’s rescue package allows companies to deduct losses in one year against profits that they earned years earlier. The tax break most likely won’t put any extra cash directly into the hands of companies hit by the current crisis for at least a year.

OK, that is better. Luckily it was enough. The SUPER RICH allowed Congress to pass the recent 2019 legislation or guess what? If the huge Covid-19 package did not pass Congress, the ONLY group that would not have suffered is …

RICH AMERICANS immune to the financial impact of Covid-19!

The Times offers a BOTTOM line in the middle of their article, then goes on for pages more to list other abuses. But their BOTTOM line is enough…

Barely 2 years after congressional Republicans and President Trump lavished America’s wealthiest families and companies with a series of lucrative tax cuts, those same beneficiaries are now receiving a second helping.

If you ever had any doubt it is the RICH & POWERFUL who own America, Covid-19 has offered the final proof – it is absolutely true!

IF you expect any REAL change in America as a result of Covid-19, DREAM ON!

(This series dedicated in honor of the late Liu Xiaobo & Jamal Khashoggi)

(This series dedicated in honor of the late Liu Xiaobo & Jamal Khashoggi)

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EDITOR’S NOTE: About The Writer: Arthur Piccolo is a professional writer and commentator and often writes about Latin America for New Americas.