Letter: Scam of the year award
The Trump-GOP tax-cut plan should win the scam of the year award. Why? Many of the Republicans in Congress continue to ignore the bad history of trickle-down Reaganomics. President Reagan learned the hard way that it doesn’t work.
The Trump-GOP tax-cut plan is old Reaganomics. This is the scam. The Trump-GOP tax cut-plan reduces the corporate tax rates from 35 percent to 21 percent. This will increase the national debt ($21 trillion and counting). It also increases the amount of interest paid on this new debt.
If you were a CEO of a major corporation, would you trust Trump? Many don’t. Would you trust Trump’s tax plan and his tax plan and offers of repatriation? Corporations will not rush back to America and dump a bunch of cash into the American economy. They will play it safe and keep their money in offshore bank accounts. They will continue to let the American taxpayers fund the federal budget.
Almost 95 percent of the American mega corporations use complex accounting to pay a lower tax rate of 26 percent and not the 35 percent. So, the new tax-cuts yield little economic gain.
Right now, these corporations are holding around $1.6 trillion in offshore accounts. They average stashing about $111 billion a year in offshore accounts. Notice that Trump and the GOP aren’t taxing or attempting to touch all of this money in offshore accounts.
Apple, Chevron, General Electric, Goldman Sachs, Pfizer and Walmart are among the worst tax evaders in America. Trump and the Republicans in Congress will help pad their offshore accounts.
This tax-cut plan is a lot of hype about nothing. The U.S. economy isn’t going to surge in new growth and create millions of new jobs with higher wages. Trump and the GOP are like those telemarketers who scam Americans every day.
Remember, Trump and the Republicans in Congress represent Wall Street. It’s their scam plan. The middle class and lower-income groups will wind up paying for Trump’s tax-cut plan. Trump’s tax plan wins the scam of the year award.
Happy holidays, America.