Rich-Get-Richer1

TAX CUTS-RICH TO GET RICHER

By Richard Ray:

 

I am no economist. I was admittedly not very good at math in school, but you do not have to be a genius to surmise that the Republican Tax proposals are only going to positively effect the Rich. After all can the average citizen trust a tax plan from a billionaire who refuses to release his own taxes?

Republicans like to tout this theory of a trickle down effect in having the wealthy and corporations receive lower tax rates (in addition to the loopholes that are already in existence). Yet, there is no recorded or empirical evidence that exists to support any truth behind this myth/lie that is a trickle down economic effect of having the Rich and corporations, with more money then using that money to either employ others or stimulate the overall economy to the benefit of us all.

When the Rich have more money sure they spend more, but the purchasing of another private jet, mega yacht or mansion has little overall positive effect on the overall population in the same way if they were taxed fairly and those funds were used to support the government and needed social programs. By fairly I am simply saying that if a middle class person is taxed at a rate of 28-35% of the income a wealthy person should not pay a substantially less percentage under some theory they are paying more overall in taxes. The percentage should match what the rest of us are forced to pay.

Large corporations may expand hiring or spend more, but the truer reality is that the more money that corporations make is not passed on to their employees as much as they are to their shareholders and highest ranking officers in the form of increased bonuses. Trump and his administration are trying to sell their plan as tax reform, but there is zero evidence that any reform exists beyond lower taxes to the Rich and corporations.

The administration has tried to tout that the middle class will see an extra $4,000.00 in income thru their plan, but yet have provided zero evidence in showing details of their plan that would bring such savings or income. This is politics, yet again at its worst. The average person will see all types of cuts to social programs with the promise of more money to them directly, yet there is really no present evidence to support that any of them will receive more money. What is clear is that the Rich and corporations will benefit substantially while the rest of us will “hope” for some type of deferred benefit that history has consistently shown almost never comes.

All analysis of the tax plan shows with the tax cuts to the Rich and corporations, the US national debt will increase by 2.2-2.7 TRILLION dollars in large part due to the loss of income. The Republicans have historically been the party that wants smaller government and claims to want the US to have  balanced budget, but history also shows that to be a false assertion with the two highest deficits the US has ever accrued coming after the 8 years of Ronald Reagan and George H.W. Bush’s presidencies.

Regardless of what side you are on politically, American citizens must fight this tax plan that is long on vague promises and definitively short on actual data and evidence showing a benefit to the greater US population.

 

 

 

Be sure to read others within diaryofamadmind.com

 

#Taxcuts, #Taxreform, #Trump, #DoanldTrump, #GOPTaxreform, #Trumptaxreform, #Richgettingricher

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