This is hard to fathom, considering that President Trump said upon signing the bill, “I consider this very much a bill for the middle class and a bill for jobs.” And if we can’t believe in Donald J. Trump, is there nothing we can believe in anymore?
The jobs part has worked out great. The economy is strong, if you don’t mind borrowing nearly $1 trillion a year against the country’s future. I would probably create a few jobs, too, if I could use my family’s $338,000 portion of the national debt.
But I’m beginning to suspect that the tax cuts part of the legislation was a fallacy. And I’m beginning to think the mantra about the average family saving $2,500 was a bit misleading. You see, if a millionaire saves $34,000 on her tax bill and nine families each pay $1,000 more, the average is a savings of $2,500. Voila! I guess it’s all in your perspective.
The reasonable perspective is that the tax cuts greatly benefited corporations and the wealthy, and it is a perspective that was clear from the moment the bill was proposed. Don’t forget, the corporate tax cuts are “permanent,” while the individual tax benefits expire over time. According to the nonpartisan Tax Policy Center, by 2027, 82 percent of the tax cuts will go to the wealthiest 1 percent of Americans.
Personally, I don’t mind paying some federal taxes. Those taxes go to things such as paying for our military and helping poor people eat and providing health care for children. They go to things that are derided in some circles as “socialist” but which make us stronger as a country. In the 1950s, the top marginal tax rate was 91 percent, and a lot of people believe America was at its greatest during that time.
But while I don’t mind paying taxes, I don’t like being bamboozled and hoodwinked and snookered. And I’m beginning to think the GOP tax plan was a scam.