LETTER: Tax cut bill benefits rich, not the masses
To the editor:
Here's what people need to know about the "Trumped Up Tax Cut." It reduces taxes by $1.5 trillion over 10 years and in order to pay for itself, it will need to stimulate the economy by more than that amount.
No one knows whether or not that will happen but frankly there's little evidence that it will and no real world measurement will ever either be able to authentically confirm or deny.
So let's move on to the issue of where this $1,500,000,000,000 goes. Rounding U.S. population to 300,000,000, this means the "average American" will get a $5,000 tax break over the next 10 years (though in reality this is simply a $5,000 IOU that the economy needs to pay off). But the claim is being made that the top 1 percent will enjoy 80 percent of these reductions. I have no way or either proving or disproving this but presuming it to be true, here's what that means: The top 1 percent will have a per capita tax break of $400,000 over the next decade while the remaining 99 percent will have an extra $1,000 to spend.
Yup, the rich will benefit at 400 times the rate of the masses. This is not hyperbole. These figures are an accurate depiction of the projected impact of this legislation.
(Former Alexandria, MN resident)