GOP tax plan increases debt to American citizens
I read with interest the opinion of Rep. Tom Reed, R-Corning, on the proposed Republican tax plan currently being offered by Congress. As informative as one might think it was, I was very disappointed that Reed was not disclosing a very important part of this proposed legislation. I want to make people realize that this gift is being bestowed upon us with borrowed money. That’s right, people, the Republicans are increasing our debt to pay for this tax break as payback to their funders for their political contributions. This is the same group of Republicans who refused Obama’s infrastructure plan because it would increase the debt.
Another detail that Reed failed to mention is that many of the middle-class tax breaks or credits will either end or be phased out in five years. And let’s look closely at the $1,600 average savings touted by Reed. Assuming a tank of gas cost $30, one would be able to buy approximately a full tank a week. And let’s not forget that the current lowest tax rate of 10 percent will be increased to 12 percent, thus giving some a break but then taking it away. Hardly historic. The big breaks go to the millionaires, billionaires, corporations and the Wall Street gang whose numerous loopholes will continue and whose tax breaks will not sunset.
So Mr. Reed, if you are going to brag about the Republican tax plan, full disclosure would be greatly appreciated. Instead of beating up Gov. Andrew M. Cuomo for his criticism of the plan, try being totally honest with your constituents. Otherwise, you come across as a snake oil salesman.