Super-rich don’t need a tax cut
Received Nov. 20
House Speaker Paul Ryan said that the Republican tax plan was a “middle class tax cut.” Unfortunately, it is actually a give-away to the super-rich and corporate elite, because 70 percent of the tax cut goes directly to them.
The super-rich and corporations do not need a tax cut. Corporations are making very high profits; one only needs to look at the condition of the stock market to see that. Further, as evidenced by the “Pentagon Papers,” corporations take advantage of legal tax havens, such as shell games and off-shore situations. The super-rich (the One Percent) have an inherent social contract with those less fortunate in society to continue to pay a very progressive tax rate.
The tax plan will do the following:
1. It will increase the federal deficit by $1.5 trillion, causing a burden of public debt on the next generation.
2. Transfer more wealth from most of us to the super-rich, further expanding income inequality.
3. Provide additional incentive to reduce entitlements (Social Security and Medicare) and social services for the working poor and the most vulnerable members of our society because of an ever-ballooning federal deficit.
4. Shift the tax burden from the wealthy to the middle class.
If your readers do not believe the Republican tax plan is a good idea, they can contact their senators.
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