President Trump and Congressional Republicans enacted a tax cut with a very heavy price tag. As a result, America faces a dystopian future of massive and escalating federal deficits. We have mortgaged the financial futures of our children and their children to pay the cost of that tax cut. For our family, the tax cut amounts to $169. I would gladly forego this lower tax bill in exchange for deleting the entire Trump/Republican tax legislation.
No tax cut is “free” and this one is a grotesque example of that truism. Thanks largely to this tax cut, the annual U.S. deficit will reach $1 trillion in 2020, according to the Congressional Budget Office. The Congressional Budget Office projects the deficit will grow at an accelerated rate in the succeeding years.
Trump promised this tax cut would pay for itself through some type of fiscal magic; a promise with no basis in reality. A safe prediction is that we will see Trump and Congressional Republicans proposing major cuts to Medicare, Social Security, Medicaid, education, affordable housing, food assistance and other vital services dependent on federal funding in order to reduce the deficits the Trump/Republican tax cut will produce.
Perhaps the cuts in those vital supports for families are what Trump and Republicans had in mind with the promise that the tax cut would “pay for itself,” At the next election, it will be time for us, the voters, to elect members of Congress who are willing to undo some of the damage of this irresponsible tax cut.
Karen and Mike Manley
Snohomish
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
