HOW IRRESPONSIBLE! Republicans in the House and the Senate are considering separate bills to cut taxes on corporations and individuals as part of their agenda. Though there are differences between the proposals, BOTH plans will add around $1.5 TRILLION to the national debt in the coming decade. There has been no bipartisan input to this legislation, instead cobbling together legislation that will disproportionately benefit the donor class.
Both House and Senate leadership claim this tax cut will pay for itself over the coming decade by igniting spectacular economic growth with new jobs, rising wages, investments in research, plants and machinery. This is the old “trickle-down” theory that has never worked and never will. Across the board, companies today are sitting on (or parked in offshore shelters) hordes of cash they could have already invested. Your wages are NOT going up.
Don’t be fooled! According to the Treasury Department, our current national debt is nearly $20 TRILLION. Debt now exceeds the Gross Domestic Product (GDP), and the net interest we pay on this debt is more than $275 BILLION dollars a year.
Many folks do not realize much of this debt is owed to government Trust Funds like Social Security and Treasury notes. As more people claim benefits, more of this debt must be repaid, making the whole debt picture far worse than it is today. To add $1.5 trillion to the current debt is fiscally irresponsible.
I agree our tax system needs reform. It has grown into an incomprehensible tangle of loopholes, tax breaks for special interests and a system of corporate welfare. True tax reform will be hard, but we must demand it takes place in the open by a completely bipartisan effort of both the House and Senate. Only then can our elected officials regain the trust of We The People.
Jud Armstrong, Charleston