"The key is that people want lower taxes, and I don't think that many people are going to get lower taxes," Lindorff said. Instead, "they're going to see other people on the high end of the income scale getting their taxes cut significantly."
The claim that lower corporate taxes will boost wages and salaries is the "big lie," underlining the Republican effort to change the tax code, the reporter told Loud & Clear.
Writing in a December 20 Counterpunch article, Lindorff explained that "at no point" in the process of bringing a good or service to market "does management say, ‘Hey, we're paying lower taxes this year. We should cut the price on our widgets and pass the benefits along.' Why would they?"
Instead, it's "far better to pocket that extra money for the benefit of management or for the shareholders," according to Lindorff.
Nevertheless, White House economic adviser Gary Cohn said Wednesday "I don't know" why polls show the tax bill is unpopular among the American people. A Wall Street Journal/NBC News poll released Tuesday found only 24 percent of Americans think the tax code reform is a good idea.
Furthermore, Cohn said that US President Donald Trump and the White House attempted "25 times" to eliminate a loophole known as the carried interest provision that mostly benefits wealthy investors on Wall Street and in Silicon Valley. The administration "hit opposition… every time we tried" from Congress, which is led by more establishment politicians in House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.
