Press TV. Listen here.
Republican administrations in the United States have often been serving the interests of the upper classes, says a political analyst.
US President Donald Trump told a group of his billionaire friends Friday shortly after signing the historic US tax bill into law that they all became wealthier.
“You all just got a lot richer,” Trump said Friday at a dinner at Mar-a-Lago resort in Florida hours after signing the landmark bill into law.
Trump enacted his first major legislative accomplishment into law two days after the Republican-led Senate on Wednesday approved the tax bill in a major political victory over Democrats.
“It is obvious that the Trump administration is continuing a lengthy trajectory that has defined Republican administrations for quite some time,” Keith.Preston, chief editor of AttacktheSystem.com, said on Tuesday.
“The republican party has, in recent decades, always been very aggressively in favor of advancing the interest of the upper classes,” Preston told Press TV.
“This is something that has been bipartisan, however, Republicans have often been particularly aggressive about this and Trump is no exception,” he noted.
He went on to say that “one of the defining characteristics of Republican administrations going back to decades has been to offer tax cuts that will predominantly benefit the upper classes.”
The tax reform sees the top rate of income tax drop from 39.6 percent to 37 percent, a move that is expected to intensify criticism that renders it as overly generous to the wealthy and big business.
Democrats and tax experts say wealthy business owners, including Trump himself, stand to gain from a provision in the Republican tax bill that creates a valuable deduction for owners of pass-through businesses.
Categories: Economics/Class Relations