The Echoes

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Stealing from the poor, giving to the rich

NE Congress people should not endorse tax bill to help corporations, hurt workers

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When Donald Trump was campaigning he coined the term, “Trumped-up trickle-down economics,” leaving voters with no doubt that his loyalties were with corporations and businesses like the ones he spent his life building and running.

It is not surprising then, that he put pressure on Congress to overhaul the tax code The recent GOP tax legislation passed almost entirely down party lines in the Senate.

Not a single Democrat voted in favor, while Tennessee Sen. Bob Corker was the only Republican to vote against the bill.

The House created its own version, called the “Tax Cuts and Jobs Act” in mi-November. At a whopping 429 pages, it has some significant differences from the Senate plan.

One similarity, however, was its lack of bipartisan support.

While all 192 Democrats who participated in the vote opposed it, there were an additional 13 Republicans who voted “no” as well.

Regardless of what side of the political divide one falls on, this kind of unequal support is alarming and speaks to a deeper problems in Washington, D.C.

The bill itself, though, is the result of a push to get something done by the end of the fiscal yhears.

Whether you are a student paying taxes today, or a teacher who will lose tax deductaiosn on school supply purchases, federal financing has a profound effect.

According to a report y the Congressional Budget Office, if the bill is passed into law it will have a negative impact on Americans who make less than $30,000 annually. The impact will be the opposite for the wealthiest earners and large corporations.

The plan will have similar effects on all those who rely on government subsidies, while adding 1 trillion to the federal deficit.

While I can appreciate the effort that went into both bills, I do not see either one as the solution to the country’s ongoing tax problem.

“Everybody is getting a tax cut, especially the middle class””

— Donald Trump

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Stealing from the poor, giving to the rich