Source: CounterPunch
by Dean Baker
“CNBC, which is owned and controlled by people who will pay lower taxes with Donald Trump back in the White House, ran a PR piece for Donald Trump’s tax agenda. The piece is headlined ‘Trump Tax Plans Could Exempt 93 Million Americans From Income Tax.’ The piece highlights several proposals that Trump has thrown out with virtually no specifics, such as exempting firefighters, police, and veterans from taxes as well as overtime wages. It concludes that this could exempt 93 million people from income taxes. Trump has proposed to offset this lost revenue with taxes on imports. Since most of the people who CNBC now says would be exempt from income tax already pay little or no income tax, they would almost certainly be paying far more money in taxes on imports than they pay now in income tax.” (10/24/24)