Letter: Tax cut reveals too many discrepancies
To the editor,
There's a discrepancy on the tax cut between Rep. Cramer (who wrote an op-ed in the Nov. 20 Herald) and House Speaker Ryan.
Rep. Cramer claims middle class families will get about $2,300, while Rep. Ryan says the average will be about $1,200. They both can't be right, but be that as it may, the country will spend over $1.5 trillion for a tax cut that will cut about $350 billion for the middle class for 10 years, and a trillion-plus permanent cut for corporate America.
We're supposed to be grateful that all that money didn't get swallowed up by the "special interests" in the Washington swamp. I don't get it. How can Rep. Cramer classify the handful of big donor republicans as anything other than a "special interest" group? And boy, do the Republicans ever come through for them.
They want an end to the Alternative Minimum Tax. Done.
An end to the estate tax? Done.
Massive tax cuts for the corporations they own? Done.
Retain the carried interest provision? Done.
Tax holiday to bring home tax cheating cash? Done.
Make all the cuts permanent? Done.
"Yes Virginia, there is a Santa Claus."
Sadly, we have another tax cut that's supposed to pay for itself. It won't. In 1986 we cut corporate tax rates from 46 percent to 35 percent. Over the next five years our GDP stayed about the same and wages dropped. You simply can't tax cut your way to growth and prosperity. Prosperity just doesn't trickle down.
When that reality finally sets in, it will be quickly followed by a wave of extreme austerity. We'll have to fight to hang on to our Social Security and Medicare.