To the editor:
So, what will the effect of the GOP’s tax cuts be? Here are the projections. Of course, no one knows the future so these estimates are simply that. But the overlying message is clear.
Federal revenues for the first decade will decrease by $1,984 billion from three major sources: individual income tax revenue will decrease by $782 billion; corporate income tax revenue will decrease by $1,042 billion; and estate tax revenue will decrease by $160 billion, according to the Tax Foundation's website.
Federal revenues for the second decade will decrease by $1,560 billion from three major sources: individual income tax revenue will increase by $251 billion; corporate income tax revenue will decrease by $1,367 billion; and estate tax revenue will decrease by $445 billion, according to the Tax Foundation's website.
The country has already run up the national debt and these tax cuts will simply increase it. Of course, the GOP expects to attack Social Security, Medicare, Medicaid, Obamacare, roads, bridges, harbors, etc. by decreasing benefits. They will claim that we can’t afford it. In the end, that is how you and I will pay for this! It’s all nonsense!
Tax cuts to those who don’t need them are really like a cancer for the rest of us. Smoking cigarettes feels good in the moment but when lung cancer shows up, you pay with your life! Running up credit cards feels good in the store but when the bill comes due, it’s time to pay. Drug addiction works the same way.
The bulk of the money will end up in the pockets of the wealthy and their descendants, who don’t need these services because we gave them the money to afford them in the first place. The GOP will claim that the revenues aren’t there! They will be correct. They will ignore and deny the fact that they created the financial mess by decreasing taxes for the already rich. It’s simply legalized highway robbery. Why do we continue to vote for GOP candidates? For me, it’s beyond belief.
So, when they threaten to reduce Social Security, Medicare and everything else but the “wall,” remember the “TAX CUTS” and who you voted for. Tax cuts aren’t free.
John S. Strauss