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Watching the Republican tax plan race through Congress, one is reminded of a big apparent difference between President Donald Trump's program and other populist movements in the Western world. In America, Trump is leading something that is best described as plutocratic populism, a mixture of traditional populist causes with extreme libertarian ones.Congress' own think tanks – the Joint Committee on Taxation and the Congressional Budget Office – calculate that in 10 years, people making between $50,000 and $75,000 (around the median income in America) would effectively pay a whopping $4 billion more in taxes, while people making $1 million or more would pay $5.8 billion less under the Senate bill. The Republican Party is pursuing an economic agenda for the 0.1 percent but it needs to win the votes of the majority.Is it that the Republican Party is cleverly and successfully hoodwinking its supporters, promising them populism and enacting plutocratic capitalism instead?Both Wolf and Pierson believe that this trickery will prove dangerous for Republicans.
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