- Created: Thursday, 15 February 2018 13:58
- Written by Steve Palmer
Millions of women throughout the US marched on 21 January in opposition to Trump
Donald Trump’s presidency continued along its eventful and regressive path in the two months covering the end of 2017 and the beginning of 2018, starting with the progression of the Republican tax cut bill into law and ending with the Democrats caving in on immigration issues. Steve Palmer reports.
Let’s review events. The 2017 Tax Cut and Jobs Act was passed and signed into law by President Donald Trump on 20 December 2017. The Act cuts the corporate tax rate from 35% to 21%. It includes special concessions for ‘pass-through businesses’, which include many property companies, such as those owned by Trump, who is likely to benefit personally by hundreds of millions of dollars. The tax cut generally redistributes income from the poor to the rich – and will increase the federal deficit, which currently stands at about $20 trillion, by some $1.5 trillion.