Wealthy, not middle class will benefit from tax cuts
Of all the detestable characteristics of the Trump administration, one of the very worst is the way we are constantly fed lies. The proposed “massive tax cut” ostensibly inching its way through Congress under a cloak of secrecy is so outrageous it insults our intelligence.
We are told that the proposal will not be a giveaway to the wealthy. Then we hear of cuts to the top income tax bracket, elimination of estate and alternative minimum taxes, lowered pass-through and corporate tax rates. What else could the wealthy have on their wish lists?
The cut in the corporate tax rate is promised to jump-start the economy and promote unprecedented growth. For whom? Are we to believe that “trickle down” will start to work? Wages have been relatively stagnant in the current recovery period. Businesses and wealthy individuals know that to accumulate wealth, it is important to keep capital from trickling down.
While we’re told all the details have not been worked out, it appears that the middle class will receive little if any benefit from the proposed legislation. For many there will probably be an increase in taxes paid. Elimination of the personal exemption would severely disadvantage those with large families. Removing the deduction for state and local taxes would increase the tax burden of citizens of New York State. The next target may be mortgage interest deduction.
We are expected to believe that even those (said to be a “minority”) who would see an increase in taxes would benefit greatly from the expanding economy, higher wages and the ability to file their taxes on a postcard. Nobody is discussing the cuts that are likely with the projected decreased revenue under the plan – Social Security, Medicare, Medicaid, affordable health care, national parks and the environment. Much of what keeps this country going is endangered by a tax plan that chases growth and protects business, industry and the wealthy at the expense of wage earners.
Hopefully, responsible legislators will tell our so-called president that this legislation is a non-starter.