From the Daily Progress.
If you are struggling to get by, even a small tax cut makes a difference. If the Trump tax cut were just a boost in pay for workers, no one would be complaining.
The problem is that while we, the 99 percent, are getting small tax cuts, corporations, even foreign corporations, are getting gigantic tax cuts. And while theirs are permanent, ours will expire in a few short years. That’s why a lot of people call the Trump tax cut the #TrumpTaxScam.
The corporate tax cut amounts to $1.4 trillion. According to the Center on Budget and Policy Priorities, this cut is nearly equal to the $1.5 trillion increase in the national debt the tax cut created. Congress is now planning to slash Medicaid and Medicare to counter that debt increase.
If your job is in health care, will you still have one after these cuts?
And what effect will that have on the economy, if the health care sector takes a severe loss in revenue?
I repeat: The tax cut for working people expires in a few years. As the law is written, the proportion of the tax cut that the wealthiest individuals and corporations receive will, by contrast, increase steadily after that. Yes, it’s already the biggest share, but it’s going to get a lot bigger.
Eventually, lower-income folks (and by that I mean almost everyone) will be paying higher taxes again, at a time when other services we depend on will have been cut to pay for the tax break corporations received.
This Trump tax scam is bad for the economy, bad for the country, and bad for working people. It is good only for the corporations that make big campaign contributions and hire scads of lobbyists. This is not good government; it is corrupt government.