“If the tax bill widens inequality, local communities will likely find themselves with fewer resources to aim at helping struggling people.
A key feature of the Senate bill is the elimination of a federal deduction for state and local taxes. Conservative groups like the Heritage Foundation and American Legislative Exchange Council have sought to end the deduction as a means of reining in government spending.In high-tax states like California, New York, New Jersey and Connecticut — where electorates have historically shown a willingness to finance ample safety-net programs — the measure could change the political calculus. It would magnify the costs to taxpayers, pressuring states to stay lean or risk the wrath of voters.
Some see in this tilt a reworking of basic principles that have prevailed in American life for generations.”
David Lindsay Jr.: Great article by PETER S. GOODMAN and PATRICIA COHEN. I am alarmed, that for two nights, The News Hour on Public Television has been absorbed in the nonsesense of Donald Trumps rude tweets and lies. It appears that Trump has brilliantly occupied the press with silly discussions of his embarrassing behavior, taking up their time and energy, when they should be focused on this bait and switch tax cut, which transfers enormous wealth from the middle class to the wealthiest Americans, mostly the top 5%. My strong advice to TV news orgatizations, bareley mention the rude, lying billionaire in the White House, and focus on what economists and analysts are decrying with regards to this new congressional tax bill, which is the real short term threat to our American values and a strong, healthy middle class.
Here are the two top comments, which are fine, and I also endorse.
As a tax attorney for almost 50 years, this bill breaks my heart. The callousness of our Republican leaders and the outright lie that this bill will help anyone but the rich is disheartening. The driving force in our economy has been the consumer, not business expansion. There’s not much (if anything) in this tax bill that will give the consumer more money to spend. And if you add in the erratic behavior of our President, you have to wonder whether this country can sustain itself, both economically and socially.
The age of the robber baron was replaced by Theodore Roosevelt’s “Square Deal”. The excesses of the “Roaring Twenties” were tempered by FDR’s “New Deal.” The progress in Civil Rights and Medicare was achieved by LBJ’s “Great Society”. If the Republicans pass this so-called “tax cut” we will be rolling back all of the progress we have made since 1901 in order to create a less perfect union for the benefit of the one percent.