President-elect Donald Trump’s 2017 tax cuts were a disaster for most of the country. They tossed a few pennies to the average citizen, but the top 1% received almost all the proceeds. It is the single largest tax cut for the wealthy in U.S. history. Many of them received a 40% discount on their taxes. Elon Musk, the second-richest person in the world, paid no federal income tax in 2018 because of the cuts. All this should not surprise us, for the top 1% is Trump’s actual base.
These tax cuts did not pay for themselves as promised. Trickle-down did not work in the last century and did not work in this century. What it did was add trillions to the deficit and create an economic environment that was primed for inflation. These tax cuts also exacerbated our wealth inequality. The U.S. has the highest income and wealth inequality among the G-7 nations, and our wealth inequality is even greater than Russia’s.
Do not let Congress extend these crippling tax cuts to the vulture capitalists. And certainly, do not let them make additional cuts for the 1% and corporations, as some are promising. Call your representative at 202-224-3121. Call them over and over until they get the message.
Michael Garing
North Huntingdon