Who received a “great big Christmas gift” in the new tax law in 2018? According to many online national news sources:
• Some 62 percent ($930 billion) of the $1.5 trillion tax cut (over 10 years) will go to the top richest 20 percent of Americans and corporations;
• About 38 percent ($570 billion) of the tax cut will go to the middle class/poor (about 70 percent) of Americans;
• About 10 percent of the middle class will receive an increase in taxes;
• Some 262 of the 535 U.S. members of Congress are millionaires and could receive thousands to millions — including Reps. Bruce Poliquin and Chellie Pingree and Sens. Angus King and Susan Collins;
• President Trump and his family will receive millions with the new, lower estate taxes;
• The biggest tax cut (35 percent down to 21 percent) goes to 550 major corporations;
• The richest 1 percent receive the most money;
• Hedge fund managers stand to gain millions.
Where is this money coming from? It will be borrowed, adding $1.5 trillion to the national debt that will have to be paid back by taxpayers.
Where will Congress get the money to pay back this big loan? Speaker of the House Paul Ryan has said he will look at entitlement spending in 2018 — that means Medicare, Social Security (including disability) and Medicaid. Those cuts will be called “reforms to save the system” or “efficiencies to fix waste.”
Image how great it would be if the 80 percent (lower earners) received 62 percent of the tax cuts and the richest 20 percent received only 38 percent of the tax cuts.
Crystal Ward, Lewiston
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