Tax cuts to help most in middle-class, not all: White House

President Donald Trump’s top economic adviser on Thursday defended plans unveiled this week for sweeping tax cuts but said he could not guarantee they would benefit every middle-class taxpayer. The White House has moved to defend the proposed tax overhaul, which is still being crafted, from criticism that it will unduly help the wealthiest Americans or…

2 Responses to Tax cuts to help most in middle-class, not all: White House

  1. Citizen Reporter September 29, 2017 at 12:39 pm

    Tax cut??? Ha!

    My friends are shocked to hear that I do NOT favor a tax cut right now. You may ask why, or maybe you don’t give a #*@)!. But I’ll tell you anyway: A tax cut without spending cuts is insanity. Bush tried it, wiped out the (on paper) surplus and gifted us with a trillion dollar deficit in his final year in office.
    Right now, Congress/Trump are increasing defense spending by $80 billion, maintaining ruinous Obamacare, Medicare and Social Security spending, running up large cash deficits and stunning unfunded liabilities- and more. Didn’t they also just add billions more FEMA spending, too? I learn at our local city council meetings that millions in federal grants (mostly unconstitutional) are still flowing in, largely unchecked.

    Also, I don’t believe that the cuts will result sufficient additional tax revenues due to increased economic activity to offset the cuts for quite a while. It takes time for tax cuts to impact business decisions and cascade through the economy.

    My own taxes would actually increase under the Trump plan, since I’m retired and the lowest bracket would increase 20%, from 10 to 12% while state income tax and some other deductions would be eliminated (CA has one of the highest tax rates in the nation).

    It is clear to me that most Congress critters are de facto Socialists, regardless of silly party labels.

    Until out-of-control spending is seriously addressed, we run the increasing risk of insolvency and potential future hyperinflation.

    Reply
  2. William Hicks September 29, 2017 at 12:26 pm

    Tax cuts are less important to me than to see reduced federal spending. It’s really easy to cut taxes like George W. did, while increasing spending with programs like “No Child Left Behind” and “Medicare Part D.” All that did is increase deficit spending. It would be no different than if you, as an individual, said “I’m going to take a voluntary cut in pay, but I’m going to make up for it by spending more by using my credit card.”

    NOW, if the proposal was to reduce federal spending this year, and next year I’m going to give you a tax cut proportional to that savings, then it would make fiscal sense. Otherwise, it’s spending money you don’t have and having someone in the future pay for it.

    Reply

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