Favorable view of tax plan overlooks many downsides
Jeff Jacoby fails to provide the full picture on the recently passed GOP tax bill (“What do you say about the tax bill now, Senator Warren?” Opinion, Jan. 17).
Jacoby fails to mention that the so-called tax benefits to the working class are temporary and will expire in a few years, whereas the corporate taxes are permanent. He fails to mention that most of the benefits from this tax bill will go to the wealthiest people and corporations, none of whom need the money, as they have been reaping record profits for years while income inequality has risen to its highest rate.
He fails to mention that, although some workers will see a slight increase to wages, or a bonus, this year, many CEOs have already said that the profits will be distributed to shareholders, not workers. In addition, some companies, such as Walmart, AT&T, Comcast, and Carrier Industries, have already announced closings and layoffs this year.
Jacoby also fails to mention that the tax bill removes the Affordable Care Act individual mandate, which will drive increases in health premiums, resulting in millions more people unable to access health coverage. He neglects to mention that the estimated $1.5 trillion that will be added to the deficit will most likely drive the GOP to gut benefits such as Medicare and Social Security, which many Americans rely on.
So, yes, Senator Elizabeth Warren, and every American, has the right to see this bill for what it is — a bad deal for the average American and a cash cow for the wealthy and corporations.
We’re mortgaging our future for empty promise of trickle-down economics
Jeff Jacoby’s shortsighted view of the GOP tax scam (“What do you say about the tax bill now, Senator Warren?”) is precisely how President Trump hopes his base will read the new law. The new law bankrupts our future by rewarding today’s wealthy GOP donors. Most economists disagree with Trump’s premise of trickle-down growth in the long term. Senator Warren’s “reckoning” will come after Trump is no longer in office, hopefully sooner rather than later.
How low can we go?
Jeff Jacoby’s op-ed about the Republican tax bill reminds me of the old joke about the man who jumped off the top of the Empire State Building and, as he passed the 50th floor on the way down, shouted, “So far, so good.”