PEGGY RADDATZ: GOP tax plan is ‘massive tax cut for rich’

TO THE EDITOR:

No amount of political spin or assertion of “alternative facts” will change the reality that the Republican tax plan is a massive tax cut for the rich at the expense of everyone else. The plan, currently being hustled through Congress, will drive the national debt and income inequality to dangerous levels.

More discretionary income needs to be in the hands of the middle class, so they can purchase goods and services. This creates demand that will grow the economy. A business can’t survive without customers. We must reverse the trend which over decades has allowed the top 1 percent to incrementally capture an obscenely disproportionate share of our nation’s wealth. Instead of fixing the economic (and moral) problem of income inequality the Republican tax plan will make it worse.

Corporations and wealthy investors are doing extremely well, and they don’t need this huge tax cut. The stock market is booming. Profitable corporate giants have plenty of cash and investment capital. Instead of raising wages, they are buying back stocks and increasing shareholder dividends. The prosperity is not “trickling down” to ordinary folks. It never does. Tax cuts, with no strings attached, will not change profit-driven, corporate behavior.

It is an extraordinarily cynical “two-step” process. First, Republicans are looting the Treasury. They are stealing trillions of dollars from the American people in order to give huge tax breaks to billionaires and large corporations. Second, as their tax breaks increase the deficit by $1.4 trillion, they will come back and, in the name of “deficit reduction,” propose major cuts to Social Security, Medicare, Medicaid, education, nutrition, affordable housing and other programs desperately needed by the shrinking middle class.

In this assault on the middle class, tax breaks for the ultra-rich are generous and permanent, while those for everyone else are meager and temporary. The Congressional Budget Office projects that by 2027 half of ordinary taxpayers will actually be hit with a tax increase after their temporary tax cut is phased out.

The Bush tax cuts for the rich resulted in the worst economic recession since the Great Depression. Let’s not fall for the same Republican “trickle down” rhetoric that brought us that disaster. Contact Representative Bergman (202) 225-4736 and oppose the GOP tax scam.

Peggy Raddatz

Manistee

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