According to our representative’s newsletters, there is only an upside to the proposed “Tax Cuts and Jobs Act” that is being fast-tracked through Congress just before holiday recess.
I understand the rush by the GOP to get it passed. The more one studies it, the less impressive it appears. It will spur economic growth in the short-term, but according to most analysts that growth will go primarily to those at the top—to shareholders and owners of big business—and it will contribute to the increasing inequality in the U.S.
As for the shrinking middle-class and the expanding lower-class, the benefits are less enticing. For example, as a retired university professor, living on Social Security and part-time teaching, the tax rate for my wife and I will be 12 percent. I favor tax cuts for middle-class and poor people. It is small businesses and middle-class and poor consumers who drive the economy. However, it appears that these tax c...
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