It is the wrong time for a tax cut like the one currently being passed by the Republican Congress. Most large corporations are seeing record profits and employment shortages. Investors are seeing great returns. The economy is near its peak and we are on the verge of inflation. Congress should be taking advantage of this strong economy and reduce the deficit rather than add a trillion plus dollars to it. Corporations will take the increased profits from these tax cuts and use them to further automate their factories, thereby reducing jobs and related employee expenses. I’m still waiting for the “trickle down” from the Reagan tax cuts. The richest 1 percent have 50 percent of the available money, so it leaves only 50 percent for the rest of us to divide up. The current tax cut’s sole purpose is enrich Republican donors under the guise of tax cuts for the middle-class.
How many middle-class Americans realize that removing deductions for property taxes and restricting mortgage-interest deductions will depress the value of their homes? You will also pay taxes a second time to the IRS on money you paid to New York state.
I resent the Republican attempt not only to increase the taxes I must pay but also to depress the value of the property I own.
It is said, “Give a poor man $100 and he will spend it because he must. Give a rich man $100 and he will save it because he can.” The Republican tax bills will shift money from active circulation to stagnation in interest-bearing accounts. It sounds like bad economics to me.