On Thursday, President Trump promised Americans “a big, beautiful Christmas present.” He wasn’t talking about the new iPhone X, which sold out soon after they went on sale at Apple stores Friday.
No, he was referring to the new tax reform plan unveiled by House Republicans Thursday which, they promised, would “jump start” an economy already growing at 3% a year and where unemployment hit 4.1% last month.
But there was another gift President Santa unwrapped eight weeks early while temperatures on the East Coast topped 70 degrees: Jerome Powell, his pick for the new Federal Reserve chairman. (Never mind that he had called the current Fed chair, Janet Yellen, a “spectacular person” who was doing a “terrific job.” When push came to shove, he told her, “You’re fired!”)
The biggest beneficiaries of the president’s and Republicans’ early generosity won’t be America’s good little girls and boys. Nor will they be the much-lauded but little rewarded American middle class. Nope, the biggest winners will be the super-rich, big corporations and corporate executives, and the investors who own their stock.
Here’s how it breaks down: