by Frank Clemente

People’s World | October 05, 2018

While Americans were transfixed by Senate hearings over Brett Kavanaugh’s alleged sexual assaults, House Republicans quietly passed another enormous tax handout for the wealthiest Americans.

Round one of this giveaway cost $2 trillion. Round two is even bigger—it would explode the deficit by more than $3 trillion. And once again, it’s largely a giveaway to the wealthiest Americans—and could mean devastating service cuts for ordinary people.

President Trump claimed the first tax plan would be “rocket fuel” for the economy, but there’s no evidence it’s done anything to improve the economic well being of working families.

The centerpiece of the first plan was a massive tax cut for corporations. The corporate tax rate was reduced by 40 percent, plus a $400 billion tax break for multinational corporations on their trillions in accumulated offshore profits.

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