These days, there’s upbeat “tax reform” discussion. However, the Republican “plan” remains cloudy.
I have a suggestion that we, the electorate, might be able to use to evaluate what evolves. When Congress finally defines a plan, develop an online model into which any of us could input our past federal tax data, churn it and learn the impact absent the spin of politicians, academics and commentators.
And show the impact on the president, key senior advisers and members of Congress.
As a retiree who itemizes and deducts state and local taxes, I suspect I will lose.
I remember the Reagan tax reform. Interesting that federal debt almost tripled under Ronald Reagan. According to Wikipedia, “During Reagan’s presidency, the national debt grew from $997 billion to $2.85 trillion. This led to the U.S. moving from the world’s largest international creditor to the world’s largest debtor nation.”
A few decades later came the Bush tax cuts. George W. Bush inherited an annual budget surplus. Thanks to his tax cuts, plus the initiation of another unending war, the surplus evaporated, debt doubled and deficits skyrocketed.
Now it’s 2017. More Republican tax reform. I’m supposed to believe this will benefit and expand the middle class? Reduce corporate rates and they will return a portion to workers? Bull. Already more than 20 percent of corporations in the Dow pay less than 20 percent. Half pay less than 25 percent. Conned again? In the midst of this quagmire, another president hell-bent on more war.
History repeating itself? Only if we let it.