The Republican have been frantically trying to pass a tax reform bill to cut taxes. We’ve had several natural disasters this year with multiple hurricanes, tornadoes, and wild fires in California which have caused billions of dollars in damages. Hurricane Harvey alone has caused over $190 billion.
The federal deficit is currently $20,564,167,371,736. The tax cuts proposed are projected to add an additional $1.5 trillion in the next 10 years. Can we as a country afford this? The math doesn’t add up.
Who are the tax cuts for? For the wealthiest Americans will benefit. Currently, the richest 1 percent hold about 38 percent of all privately held wealth in the United States. Proposed tax cuts will shrink for everyone except the top 1 percent by 2027. Corporate tax cuts would remain permanent. Small businesses, which employ more than half of our workers, fuel the national economy. They won’t receive much tax relief.
Trickle down economics from the wealthy didn’t work under Reagan in the 1980s. It won’t work under Trump either. The rich only get richer.
Who would pay for the tax cuts? The poorest Americans and the middle class will suffer the costs. Four million Americans would be without health care in the first year and 13 million over the next decade. Social programs that the poor need to survive would be slashed.
The plan also raises taxes on colleges and students and reduces benefits for higher education by more than $60 million in the next decade. Tuition costs and student loans will also rise for college students. After graduating, they will no longer be able to deduct student loan interest. With the obstacles to an affordable education, American workers will be less able to compete in the global market.
Go ahead, Republicans. Take away the our children and grandchildren’s future.
Kristin Gannett-Sanchez, Mason City