I have tried to make sense out of the proposed “tax reform.” Here goes: The Republicans hold all the cards, and their huge donors are the dealers. Rep. Chris Collins (NY) said that his donors told him to pass the tax bill or don’t ever call again. Senator Lindsey Graham pretty much said the same thing. They are not hiding it.
If you are below the top 1 percent or not a corporation, you may or may not “win” depending on individual circumstances or the state in which you live. But remember, there may be another part to tax reform that may come later: reductions to Medicare and Medicaid. Are any of you directly or indirectly (parents, grandparents) connected to M or M? Those adjustments may more than wipe out any gains. The top 1 percent does not depend on them.
The president said that the tax bill will not benefit him. Do you really believe him? Eliminating the alternative minimum tax, ending the estate tax, and cutting the top tax rate for pass through business are all intended to further enrich the first family, those of the same ilk and the wealthy donor class.
And finally, there’s trickle-down economics. Have they clearly explained how this has worked in the past to create jobs and raise wages? I don’t think so. Some may indeed benefit through pension funds and retirement savings, but fewer and fewer make enough to save anything meaningful. Many corporations, already awash in cash, choose only to enrich themselves.
In conclusion, it somehow seems that the recent photo of Treasury Secretary Steve Mnuchin and his “let them eat cake” wife well represents the tax plan and their disconnect from the 99 percent.
David Bunn, South Glens Falls