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home : opinions : letters to the editor
April 2, 2020

2/18/2020 7:30:00 AM
Sunlight is the best disinfectant

To the Editor:

Why don't you feel as though the Trump tax cuts helped you?

•Because unless you have very high income, the federal income tax rate cuts you receive are so tiny they are hardly noticeable. Folks in the top 1 percent income bracket will save $51,000. Household tax cuts expire after 2025.

•Because you need to own stocks, bonds, real estate investments and corporations to benefit. The biggest winners in Trump's tax cuts are corporations - their rate dropped almost 40 percent, from 35% to 21% - and those getting dividend income from corporate profits. The corporate tax cut is permanent.

•Because you know the tax cuts, which mostly benefit the wealthy, are adding to the federal deficit. At the time of its passage in December 2017, Trump and the Republicans claimed the tax cut law would pay for itself. According to recent Congressional Budget Office estimates, the law will add $1.9 trillion in debt from 2018 to 2029.

•Because corporations didn't pass a fair share of their tax savings on to their employees in the form of bonuses and higher wages, or by using their windfall to make capital investments in their businesses, as Trump and his supporters touted would happen, but instead used it for stock buybacks, which boosted stock prices, again primarily benefiting the rich.

The wealthiest 10% of Americans own 84% of all stocks. In recent months the stock market hit all-time highs.

Meanwhile, the federal minimum wage remains at $7.25 per hour, where it has been since 2009.

These are just some of the reasons most of us are not feeling good about the Trump tax cuts.

Congressional Republican lawmakers writing and voting for this law held investments that directly profited from the tax cuts. Democrats stood to gain from the tax bill too, but not one voted for it. All but 12 Republicans voted for this bill.

Ask candidates if they support passing anti-corruption laws that prevent this blatant self-enrichment. Ask them if they support repealing the Trump tax cuts and replacing them with cuts that are permanent and fair to lower- and middle-class folks. Ask them if they support legislation that requires federal and state elected officials and candidates to disclose tax returns, including supporting schedules and IRS audit information, and financial records from bankruptcy, divorce, criminal and civil litigation, for public scrutiny.

Sunlight is the best disinfectant.

Sources:

https://www.newsweek.com/us-federal-deficit-skyrockets-trump-tax-cuts-blamed-defense-spending-gap-revenues-treasury-1467936

https://www.forbes.com/sites/teresaghilarducci/2019/04/09/five-good-reasons-it-doesnt-feel-like-the-trump-tax-cut-benefited-you/#2230c12313e0

https://publicintegrity.org/inequality-poverty-opportunity/taxes/trumps-tax-cuts/republicans-profit-congress/



Jeanne Larson

Phillips



Reader Comments

Posted: Tuesday, March 3, 2020
Article comment by: Craig Strid

Jeanne I understand your frustration and Gary and Brian are right. My bewilderment is with the blindness to the corruption and deceptive behavior of this presidency. In my past I have found that people became angered when being played like a pawn and reacted to the abuse. For some reason benounced to me they take it with no complaint.
Food for thought
Craig Strid


Posted: Tuesday, February 25, 2020
Article comment by: gary boettcher

If you are in just about any retirement program, either gov't or private, you own stock. Do you own a mutual fund or an etf, you own stock. When corporations do better, you do better. Federal revenues are estimated to increase in 2020 by $500,000,000 and more in 2021. The spending has to slow down.


Posted: Wednesday, February 19, 2020
Article comment by: Brian Holmes

Tax cuts take effect this year. Sorry to burst your bubble. People who work for a living would know this.



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