Tax bill an insult to those who work for a living
The Republican tax bill is an insult to those of us who work for a living. Our labor is going to be taxed at a much higher rate than the income of the wealthy. Social Security, Medicare and other employment taxes are imposed on income derived from labor below the amounts that build wealth. Capital gains rates, decrease the tax on investment income.
That is under the current law, apparently there is not enough slop in the trough for the wealthy. They want more, and the Republicans want to give it to them, by lowering the top rates, eliminating the AMT and the estate tax and freeing up the rules on pass through entities such as LLCs, PCs and S Corps.
Corporate profits are at an all-time high, yet corporations are reducing staff, automating plants, building supply chains offshore and hoovering profits to tax havens. No corporation pays the 35 percent tax rate, not Microsoft, not GE and not Apple. The GAO says large corporation pay a marginal rate of 12.6 percent. It also says this gift to the rich will increase the deficit by $1.5 trillion over 10 years. Sound good to you?
No matter how many full-color mailings and TV commercials are produced, they will be seen by rational people as lipstick on a pig. The bill is a blatant cash grab by the rich, a recipe for further increasing income inequaliity. The swamp is not being drained, it is being flooded with our tax dollars so millionaires can float their second yacht on it.
Our congressmen should realize that Wall Street is not in their district, Buffalo, Niagara Falls and Batavia are. Your constituents are watching, and they are smarter than you think.