Miracle’ tax cut
The IRS taxes estates valued at $5.5 million for individuals and estates valued at $11 million for couples. The Republicans are proposing to eliminate that tax. They are also proposing to lower the tax rate for higher income persons by nearly 5 percent and increasing the tax rate for lower income workers by 2 percent. President Trump is proposing to lower the corporate tax rate by 15 percent to benefit wealthy stockholders.
Congress has already approved $700 billion for defense spending, and the House has approved $10 billion for the Mexican border wall. What do you think will happen to the federal budget deficit and the national debt when spending is increased and taxes are cut?
P.T. Barnum was right. There’s a sucker born every minute and more than 50 million live in the USA. President Trump is also right; it will be a “miracle” if the middle class gets a “real” tax cut.
David L. Faust