In Nov. 24 column, Wayne Allyn Root opined that President Donald Trump could seal his re-election by announcing another tax cut. He wrote that this one would be for the middle class. Wait. It sounds like he’s admitting that the first tax cut was just a big money gift to millionaires, billionaires and big corporations.
Mr. Root writes, “Trump’s first tax cut also lowered individual rates just a bit. Almost every American taxpayer got to keep a little more money.” By his tally, that “little bit” averaged out to $200 a month. He now proposes to up the ante in the new tax cut by adding an extra $750, with no suggestion of where the money would come from.
The answer to that is easy. The first tax cut ballooned the national debt by $1.5 trillion. Given the nation’s population of about 330 million, that means you, your wife, your mom and dad, your kids, grandkids and everyone else each took it in the shorts to the tune of about $4,500. Another Trump tax cut could triple that amount — and that’s no laughing matter.