New tax plan raises concerns
Thank you for taking the time to read this. I know you have heard much more compelling arguments in regard to the proposed tax bill. Mine, like so many others is heartfelt.
As economic experts and historians have pointed out ad-nausea, giving corporations and super wealthy tax breaks does not help this country. I won’t reiterate that corporations, already doing quite well with loop holes in tax programs not addressed in this bill, will use the windfall to pay dividends and increase their bank accounts, period. Super wealthy individuals who know where their wealth came from if not now, initially, do NOT want tax cuts. They understand the economic effect.
So where would tax cuts be beneficial? Middle class, of course. Those households with two or more people working to keep ahead of mortgage, tax, insurance, health care costs, food costs, education costs, clothing costs, electric, heat, auto, fuel and charitable donations – and those are just the basics. Think of the number of jobs supported by the middle class paying for just the basics! Think that would happen if the proposed tax plan passed? Out of necessity, to pay more tax, middle class basic expenditures will have to be reduced. Stores will close, jobs lost, choices will have to be made, health care or cold house? Or charity? Well, you know.
Not discussed much is that the tax benefits to corporations are permanent, but even more appalling is before the tax plan was developed, a new budget was passed to allow for this plan. Let’s see, how much is $1.7 trillion dollars more for our national debt? I don’t know but apparently it’s more than we can pay for. There is already discussion in Congress that with the fantastic tax cuts, revenue will be insufficient to pay our debt obligations and such programs as Medicare and Medicaid will have to be cut. Let’s see, is Social Security safe? So reduce Social Security, Medicare and Medicaid. Well, you know.
So many things have happened with this administration that are insulting and embarrassing. Many are a step back from progress, but this tax proposal is NOT RIGHT! It’s harmful to the care of America.