When Bush II Administration came into power they had two items on their agenda. Cut taxes on the rich and take out Saddam Hussein. Both have been disastrous to America. The Republican mantra is cut taxes under any condition. The Clinton/Gingrich debt reduction plan had paid off all 30 years bonds, most of the 20 year, and some of the 10 year. Immediately after the tax break the surplus was gone and the treasury started buying new bonds. The wars were not being paid for so debt started to mount again.
The 10 year expiration on the tax cut was made permanent because we were recovering from the Great Recession and an increase was impossible. This cut is another ploy to cut the social programs when the National Debt reaches $30,000,000,000,000 in about seven years (note middle class tax cuts expire in seven years — coincidence?). The programs on tap to cut because of the increasing deficits caused by the unneeded tax cuts are Social Security, Medicare and Medicaid.
Warren Buffet, the world’s greatest investor, said December 3rd that nothing in the tax cut is necessary. Corporations are awash in money and debt is very cheap. Many times Buffet, worth over $85 billion, has said the greatest threat to America is the National Debt. His corporation owns about forty major companies so he knows.
As for Trump’s claim we are the highest tax country in the world, these countries have a higher percentage of all taxes to GDP: Denmark, France, Belgium, Finland, Austria, Italy, Sweden, Hungary, Norway, Netherlands, Iceland, Luxembourg, Germany, Greece, Slovenia, Portugal, Spain, Estonia, Czech Republic, New Zealand, U.K., Slovak Republic, Poland, Japan, Canada, Israel, Turkey, Latvia, Switzerland, and Australia. Ireland, two notches below us, is being sued by the E.U. for violating the tax laws. They will lose, pay billions and move above America.
The top 1% gets over 60% of the cuts and, as written, Trump may save millions each year. The fossil fuel industries preserve or increase their loopholes and deductions while green power, employing more than coal and struggling against the Chinese manufacturers, lose theirs.
If we vote right in November, we can fix this mess 60% of us don’t like.
Commentary About the Blue Marble 