WHO LISTENS TO EXPERTS?
Editor, Daily News
The president’s much touted “Christmas Present to the Middle Class” is now tax law in big print. As predicted, it benefits the richer folk far more than us lesser taxpayers. Let’s look at some of the little print (which usually takes away what the big print supposedly gives) since Republican leopard spots are still intact.
First, the corporate benefits are permanent, but benefits for most of us are temporary. Such “trickle down” theories were called “Voodoo Economics” by Republican President George H.W. Bush, simply because they don’t become reality.
Secondly, our president has said many times that the new tax code will hurt him financially. But his pants are on fire again. It is just the opposite.
Third, failing to destroy the Affordable Health Care Act, a provision is included to eliminate the incentive requiring all to have health insurance. Simply put, those who are the healthiest will no longer be part of the insured population which, in turn, will increase the ill percentage, driving costs up. It’s estimated 13 million people will lose health insurance in the next 10 years, driving premiums up.
Fourth, the reduction of corporate taxes will reduce government income by $1.5 trillion at a time when the national debt is over $20 trillion, which may not mean much to older folk, but sure as hell will mean a lot to our grandchildren who will be saddled with this debt. It’s like taking out a third mortgage on your home.
Few economists give this “tax break” a smiley face. Indeed, many are calling for a tax increase and reduced spending to curb the ever-increasing debt. But who listens to experts (you know, the “fake news” people)?