Long-term damage of tax bill could be horrific

Letter to the Editor

Editor,

If you are rich, or super rich (individual or corporation), the tax bill written in secret and being rushed through Congress by the GOP will make you richer. But if your income puts you in the middleclass or lower middleclass (below $75,000 - $100,000 a year) it will immediately, or in the long-term, cost you money. This isn’t some wonky liberal’s idea. It is written in the bill. Tax cuts for almost all of us are designed to be phased out, but not those for the rich.   

The bill’s proponents say the massive $1.5 trillion deficit caused by the cuts will create jobs and raise incomes for workers. A University of Chicago survey of 38 of the nation’s top economists indicates otherwise. Many economists, tax experts and columnists are blunter:  the Republican tax supporters are lying, desperate to pass anything, they say.  The state of Kansas practically went bankrupt trying that idea. The bill is a scam, and poll after poll has shown that it is deeply unpopular, typically with a national approval rating around 30 percent.  

The long-term damage to you, me and our children could be horrific.  As you know, the bill always arrives. The debt will have to be repaid and very likely by cuts to education, transportation, Medicare, Medicaid and Social Security, programs that are the heart of our individual and national well-being.

Jerry Whitus

San Marcos Daily Record

(512) 392-2458
P.O. Box 1109, San Marcos, TX 78666