Quote of the Day: Taxes Are Going Way, Way Down!

Yin Bogu/Xinhua via ZUMA

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From President Trump, explaining his goal for tax reform:

We’re going to bring the individual rate to 10 percent or 12 percent, much lower than it is right now.

Boo yah! This would be quite a cut from the current top rate of 39.6 percent. Even Grover Norquist doesn’t dream of tax rates like this. That means it’s time for another round of “WTF was he talking about?” Let’s review our options:

  1. It was just a slip of the tongue. But this is unlikely since Trump specifically said “10 or 12.” He really meant it.
  2. He’s talking about personal income tax as a percentage of GDP, and he wants to increase it to 10 or 12 percent. But no: he said it would be “much lower” than it is right now.
  3. He was talking about the log of the root mean square of the average tax paid by people in the top bracket.
  4. He has no clue what he’s talking about.

Hmmm. I think I’m going with Option 4. The Post phrased this diplomatically: “It wasn’t clear exactly what he was referring to and the White House didn’t immediately clarify his intention.”

No worries, though, I’m sure the White House will explain things soon. There’s probably already some poor schmoe staying up all night looking for something—anything—that the Republican plan will plausibly reduce to 10 or 12 percent.

Here’s a hint: adjusted gross income. Currently, individual income taxes are about 14 percent of reported AGI. A tax plan that reduced this rate to “10 or 12” percent would represent a tax cut of 15-30 percent. That’s the ticket, I think.

Alternatively, the White House could just invent some new numbers of their own. Or declare that the press is playing “gotcha games.” Or insist that the president can say whatever he wants, and Beltway elites will never stop him from talking directly to the common man. Or claim ignorance until reporters get tired of asking. All of these have worked well for them in the past.

POSTSCRIPT: The Post also reports that Republicans are “looking for a way to keep their plan from being a massive windfall for the wealthiest Americans.” Hahahaha. Sure they are. DC journalists crack me up sometimes.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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