Currently the country is dealing with staggering inequality, collapsing public infrastructure, a fraying safety net and exploding deficits. The answer to these problems from Congress is that we need tax cuts for the rich.
Study after study shows that the American public wants Congress to work on a bi-partisan basis, yet attempts to pass healthcare reform were done on a strictly partisan basis, and tax reform is proposed to be done the same way.
The Republicans know that it would be difficult to convince the Democrats that they should support a healthcare bill which cut taxes for the rich, and cut healthcare for the poor. In the same way it would be difficult to expect bi-partisan support for tax changes which primarily benefit the rich. As proposed tax reform has 80 percent of the savings going to 1 percent of the population. The only tax loophole that has been proposed would raise taxes for 25 percent of the middle class.
I wonder how the Republicans expect to sell the elimination of the inheritance tax as being middle class tax reform. It’s impossible to tell how our president will benefit from the tax cuts that have been proposed, but his heirs sure would benefit from the elimination of the estate tax. Tax cuts that deepen our already severe inequality in income and wealth are not in the long-term interests of any citizen.
We will be told that the tax cuts for the rich will trickle down to the rest of us because of increased economic activity. We’ve been told that for the last 40 years, and it hasn’t worked yet. We’ll be told that we need to cut corporate taxes when corporate profits are at all time highs. Rather than use their current profits to increase salaries or spend on research and development, the monies have been going to purchase company stock and further enrich management.
Tell Congress that we need tax reform that closes loopholes and deductions for the rich, not tax cuts for the rich.