Only rich will benefit from GOP tax ‘reform’
President Trump and the Republicans are going to pass another “trickle down” tax cut reminiscent of the Ronald Reagan era. Republicans believe that giving more money to the ultra wealthy 1 percent and big corporations will help the middle class and the poor. Republicans also want to eliminate the estate tax, providing a means to hand over tax-free money to their heirs. Keep in mind that this tax isn’t paid unless and until a couple’s estate is worth in excess of $11 million. How many people on your Christmas card list would have to pay estate tax?
It is reported that 80 percent of the tax cuts proposed will go to the 1 percent and big corporations. Republicans also want to reduce the 35 percent corporate rate. The rate big corporations pay is actually between 14 and 16 percent because of deductions. It should come as no surprise that General Electric has paid no federal taxes in more than a decade. Meanwhile, billionaire Warren Buffett pays a lower tax rate than his secretary.
If we give more money to the middle class and the poor, these two groups have a multitude of things that need to be purchased. This, in turn, creates demand, which, in turn, leads businesses to hire more personnel, and benefits both corporations and the population in general.
If you think that electing billionaires and multimillionaires will result in elected officials who are looking out for the poor and middle class, I have some beachfront property for sale in Arizona.
Charles Krathaus Jr.