Polson Proposed tax cut only benefits wealthy
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Editor,
I recently sent an email to the multimillionaire members of our congressional “representatives” Daines and Gianforte asking what their share of the Republican Party’s proposed tax cut for the rich would be. Neither man answered my question, but both members replied touting how great and wonderful this giveaway would be for the country. Now I am sure this tax cut will be very advantageous to the millionaire class and Gianforte no doubt will need more money if he keeps attacking reporters, but for the rest of us I am not so sure.
If increasing the deficit by trillions of dollars was such a sin under the last administration where Republicans would rather sink the economy than add more red ink, why is it such a great idea now? The economy hardly needs stimulation, as businesses are flush with profits earned over the last several years keeping wages low and productivity high. Due to these low wages, demand is relatively flat and there is little incentive for companies to expand production. So what will these firms do with the extra money other than raise compensation for their CEOs and pay stockholders? The trickle down economic theory behind this plan is of doubtful benefit and according to the congressional budget office the ensuing deficit expansion will reduce the Medicare program $25 billion driving up medical costs for seniors. This program will also cut other social programs over $100 billion next year and gradually drive 13 million families from health coverage. This act actually increases taxes on those making under $30,000 over the next couple of years and by 2025 raises taxes for everyone making less than $75,000 while decreases for the wealthy would remain intact.
So with typical reverse Robin Hood Republican logic, that increasing the benefits for those at the top of the income tier will somehow make life better for those of us on the other end of the wealth distribution scale, our millionaire club in Washington is pushing this tax cut turkey. And I still want to know what is in it for them because there certainly isn’t much for the rest of us.
Jan Niemeyer
Ronan
