Republican tax cut concerns
The Republican tax plan prohibits teachers from deducting the cost of pens and pencils they purchase for students out of their own pocket yet it allows a multi-billion dollar corporation to deduct pens and pencils they purchase. This, in a nutshell, is representative of the plan.
Sen. Lindsey Graham said, “If the tax bill fails, the financial contributions will stop.” A contributor to Republican Rep. Collins of New York said, “Get it done or don’t ever call me again.” Republicans know that the tax bill they have crafted to benefit their billionaire and corporate donors at the expense of middle class Iowans/Americans must be passed or else they will stop donating.
The pattern is clear. When a Democrat is in the White House, Republicans scream about the deficit and the debt and declare themselves the party of fiscal responsibility. When a Republican is in the White House, they spend like drunken sailors and cut taxes, revenue collapses and the deficit skyrockets. Trump is in the White House and the pattern repeats itself (Since World War II, productivity and wage growth in the U.S. economy have been significantly greater in periods with higher corporate tax rates).
Sens. Grassley and Ernst have called for a balanced-budget amendment as have Reps. King and Blum, yet all four fully support a tax bill that will increase the deficit and debt by $1.5 trillion. Why? To satisfy their donors!
They will tell you that it provides middle class tax cuts and that’s true for only one-third of the middle class (modest at best) but the other two-thirds will get a tax INCREASE. They will not tell you, but their budget demonstrates, that in order to pay for this they will cut Medicare by $470 billion and Medicaid by $1.2 trillion.
Republicans will tell you that they are reducing the taxes on corporations and the wealthy because they want to create middle class jobs and increase middle-class wages. However, corporations are experiencing record profits NOW and aren’t creating that many jobs and certainly not increasing middle class wages. Instead they are giving themselves 10 percent bonuses and paying higher dividends.
Are you willing to pay more in order to give Facebook, Monsanto, Exxon and billionaire donors more money to hoard and pass along to politicians who do their bidding? If not, contact Grassley, Ernst, King, Blum and Young and tell them NO!