As I listen to and read the analyses of the Republican position on their tax bill, I am amazed at the attitudes of the Everyman in our community and throughout this nation. There seems to be an automatic acceptance of this bill as a substantial benefit to middle- and low-income citizens.
However, the design of the tax change is to benefit the wealthy of this country and the money supporters of our Congress people.
Whatever is stated by its supporters, “trickle-down” economics has never worked and will never work. (There is empirical data to support this.)
Corporations will realistically use any tax benefits to buy back common stock, reduce debt or pay cash dividends to shareholders. The CEOs report to shareholders in the form of enhancing shareholder value, period! Don’t believe that more jobs will emerge as a benefit of this tax reduction. Only consumer demand in the marketplace will create new jobs to handle that increase. If companies are not increasing jobs now, extra money in their coffers will not prompt job creation.
In order to pay for the massive reduction in tax income, our Medicare, Medicaid and Social Security benefits are at risk to pay for this greed. This is not in the current narrative but, assuming passage, it will surface next year as the way to contain the deficit spending resulting from this craziness.