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Letters: With new tax legislation, history will repeat itself

With new tax legislation, history will repeat itself

Well my friends, it looks like history is about to repeat itself once again. You might recall that prior to the presidential election back in November 2008, it was not disclosed to the American people that this country was in a recession that had started back in September 2008. During that time, lending institutions were approving home mortgages to people who clearly were not qualified to own homes.

Eight months later many people throughout the country started losing their homes due to foreclosures that were being executed by the same lending institutions that had approved their mortgages. Don’t look now, but this country is heading in the wrong direction once again, and the present administration will not tell the American people anything about it, until it will be too late.

With the new tax legislation there will be a loss of revenue, since the president has said that everyone will be getting a tax cut. Also, corporate America will be getting a permanent tax cut. The theory that conservatives have been trying to sell since the 1980s is that tax cuts stimulate the economy by creating jobs. This theory has never worked and will not work again from 2018 and beyond.

Stay tuned America! The trouble is on its way and the present administration will never tell you about it until it will be too late.

The people that will benefit the most from this new tax legislation are the very rich, who will continue to buy more stock but will continue to not invest in the idea of increasing employment here at home. They will also be able to leave their wealth to their beneficiaries, tax free.

Happy Holidays!

Richard Morin

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