Now that the 2017 tax season is over I would like to provide some thoughts on the upcoming 2018 tax year and what the 1-2 percent increase you recently may have received in your paycheck has cost you.
On Dec. 20, 2017, Congress passed the “2017 Tax Bill” that is estimated to increase the nation’s debt 1.5 trillion dollars ($1,500,000,000,000.00). At the time of passage, Congress and the president voiced the opinion that this increase in debt would be offset by an increase in corporate investment and job creation. JUST Capital reported on Feb. 28, 2018 that corporations were using their tax reduction of $150 billion primarily to increase stockholder dividends and stock buyback ($85.5 billion), job creation ($30.0 billion) and allocation to workers ($9 billion). At a 3-4 percent national debt rate this $150 billion alone will cost taxpayers and our children an additional $4.5 billion to $6 billion a year for the foreseeable future.
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