The current tax proposal is poor policy pretending to be a nice soundbite.
If one taxpayer receives a $2,500,000 tax break, while 999 others get nothing, the “average taxpayer” is getting a $2,500 tax break.
The proposal “simplifies” the tax code. While few would argue that our politicians have created a convoluted system, simply eliminating deductions such as Section 199 and the numerous others will actually cause me to pay higher taxes. This proposal is a major tax increase for a majority of tax payers.
Conservative Republicans used to be opposed to deficit spending. The proposed tax reform will balloon our national debt with no corresponding public benefit. The national debt spiked as we financed World War II. Yet, here we are 70 years later, after adjusting for inflation, with our national debt three times what it was during the height of World War II. The new tax proposal will increase it by nearly $1,500,000,000,000 more than what it would be otherwise. Million, billion and trillion sound similar, but count the zeros. We are talking one and a half million-millions.
Our federal interest payments have doubled since Reagan, and that is even with these historically low interest rates. They are forecast to double again by 2022 even keeping interest rates low. The proposed tax policy will increase the amount of our federal budget going to pay interest and leave America ever more vulnerable to financial collapse.
It has been common to refer to the WW2 era as America’s “greatest generation.” They were willing to make personal sacrifices for the common good. While many gave their lives, many more gave their finances. It was considered ones patriotic duty to pay high taxes and buy low interest rate bonds in order to fund the government.
If you want America to be great, vote against the proposed tax reform.
Jay Warner is a resident of McPherson