Tax bill is bad for average American
To the editor:
As of Dec. 20, the corporate stooges in Washington, D.C., including ours, Jack Bergman, have voted for and passed the GOP tax scam bill. This was done just to please their very rich donors. This bill has 83 percent of the benefits going to the top one percent and corporations. The rest of us are getting a crumb.
In California and New York many middle-class taxpayers will see their taxes increase. The tax benefits for the 1 percent and corporations were made permanent and the paltry benefits for the rest of us are set to expire in a few years. A worker earning $25,000 annually may see a tax cut of $60 or a can of soup weekly if on sale.
Only 24 percent of Americans see this bill as a good idea. This bill will grow the deficit by $1.5 trillion and it could balloon to $2.2 trillion under certain circumstances. Do you want your children and grandchildren paying for this?
This bill has several provisions that are very troubling. In the middle of the night, a provision was slipped into the bill to reduce taxes for real estate investors. I wonder why. This is being called the Corker Kickback. It will enrich Trump, Sen. Bob Corker and about 12 other Republican senators who voted to enrich themselves. I call this corruption. This provision alone will add $414 billion to the deficit. Another provision will open up the Alaskan National Wildlife Refuge (ANWR) to oil and gas drilling. This is not an environmentally sound idea and another corporate giveaway.
There may be another hidden provision that will allow corporations to off-shore jobs easier and for more profit.
This bill also removes the individual mandate of the ACA and 13 million Americans could lose their healthcare. Premiums could rise 10 percent annually. This is a bad bill for the average American.
Lastly, there is thought that this bill will be good for jobs, economic growth and wage increases. Many corporate CEOs state they are more likely to initiate stock buybacks and pay larger dividends to shareholders.
To paraphrase Michael Bloomberg, a billionaire, it is fantasy that tax cuts will create economic growth, jobs or higher wages. Trickle-down economics is a hoax on the American people.