President Trump has moved his push for tax reform to a new phase: He’s trying to convince blue collar and lower middle class America that tax cuts for big corporations will put more money in their pockets too.
It’s a tall order.
It began Wednesday night at a rally in Pennsylvania where he made a bold claim about how his plan for major corporate tax relief would help middle class families:
We will totally eliminate the penalty on returning future earnings back to the United States and we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America, where it belongs and where it can do its job. My counsel of economic advisers estimates that this change, along with a lower tax rate, would likely give the typical American household a $4,000 pay raise.
Raise your hand if you thought the title of “Billionaire populist barnstorming campaigner for trickle down economics” wasn’t possible before now.
But that’s what President Trump has essentially become. For the first time since the Reagan era, a president is furiously pushing the idea that giving tax breaks to super rich corporations is the key to unleashing economic gains for everyone else down the economic ladder.
Sure, “trickle down” and “voodoo economics” were terms President Reagan’s critics created to denigrate his ideas. But President Kennedy made similar arguments beginning in 1962 pushing for his tax cut plan that President Johnson eventually got enacted in 1964.
Trump is going even further than Reagan or Kennedy to press for tax cuts, barnstorming the country with…