Four thousand dollars.
House Speaker Paul Ryan told us to expect, on average, an increase of $4,000 in our paychecks when the tax bill passed. Despite limited reports of bonuses or increased hiring, that cash windfall has not happened. What has happened is that corporations and the wealthiest Americans have gotten the lion’s share of the tax breaks and our debt is set to top $21 trillion by 2019.
There was a time when Republicans railed against such borrowing and saddling our grandchildren with the financial burden. Now these so-called fiscal conservatives rarely mention it. They do talk about cuts to Medicaid, Medicare and Social Security. They talk about increasing healthcare costs while corporations use their tax breaks to buy back stock and give CEOs huge raises. But we’re supposed to be grateful for the crumbs that fallen from the tax break cake? Yes, and the rich are still not satisfied with their slices.
Now President Trump wants to give another $100 billion to the wealthy in tax cuts by reclassifying the cost of capital gains. Secretary of Treasury Steve Mnuchin announced the plan at the Group of 20 meeting in Argentina. In this tax plan, 86 percent of the benefit would go to the top 1 percent income earners and the rest to the top 10 percent. It will in no way improve the lives of everyday Americans. It will make the very rich even richer for doing nothing except selling a stock.
They get the whole cake, crumbs and all. And, of cours,e there is no plan to pay for it. We’ll have to borrow more from China and expect more calls to cut programs. We should be asking our representatives in Washington where are the billions for the forgotten men and women of this country?