Tag Archives: tax cuts

Pat Meehan’s tax vote is a Xmas gift that will keep on giving

by Drew McGinty, candidate in CD PA-7, PennLive, 1/6/18

By Drew McGinty

According to Republican U.S. Rep. Pat Meehan, he and his colleagues down in Washington D.C. recently passed a “historic tax reform bill” but when you look at the repercussions of this plan, you’ll see how disastrous it is for hardworking families across Pennsylvania. Some major highlights on the new law include:

How it was pushed through on party lines without any regular due process, hearings or debate, leaving many of our lawmakers with no time to read a bill that is going to have a major impact on our economy.

How the law is fiscally irresponsible in the worst way as it is estimated to add close to $1.5 trillion to the national debt, sticking our children and grandchildren with the bill.

How, according to the CBO, the law will result in “as many as 13 million fewer Americans having health insurance”.

How the new law rewards Meehan’s major campaign contributors and corporations at the expense of the middle-class and future generations….

keep reading at PennLive (At this point in the election cycle, this site helps publicize, for readers’ reflection, any important thoughts and issues raised by Dem candidates who are expected to be on the May 15 primary ballot.)

Coal for Costello

Letter from Martin McElroy, East Whiteland, in Daily Local News, 1/8/18

Congressman Ryan Costello has a miserly way of wishing a Merry Christmas to middle-class Americans. The Republicans delivered a 1.5 trillion dollar lump of coal to the middle class and Republicans like Costello are doing their best to put the prettiest bow on it as they try to sell it to their skeptical constituents.

Costello wanted an even larger lump of coal for us this Christmas when he voted for the House version of the tax bill. The Senate bill only softened the imminent body blow to the middle class. Either way, Ebenezer Scrooge would be proud.

Wealthy donors have been investing tens of millions in Republican candidates for years. Unlike Costello, a few honest GOP members of Congress even admitted their wealthy donors were demanding a tax windfall under their Christmas trees this year – or else! Without massive paybacks, their big donors will cut off the cash flow and give their Republican minions lumps of coal to fund next year’s election cycle.

The most scandalous example of donor payback is the reduction in the estate tax that lavishes the richest of the rich with a tax dodge worth billions $. Worse, the bill Costello originally supported would have repealed the tax in a few years. Again and again, the PA-6 Republican proves to be a high-yield investment for the elite at the expense of ordinary citizens….

keep reading at Daily Local News

True Blue talk Jan. 16: “Effects of Trump’s Tax Cuts”

January 16, 2018, 6 pm, at Barnaby’s of West Chester, 15 S. High St., West Chester

Free to CCDC True Blue and Chair’s Club members. Others may join True Blue (a great way to support Chesco Dems in 2018!) in advance or pay $75 for this one event.

Join us for a timely and lively discussion on the effects of the promised tax cuts on our economy and our personal circumstances: hear Sara Crane Moody’s Economist, present the U.S. economy’s fundamentals, and describe the prospects for fiscal policy, with a special emphasis on the ramifications of the tax overhaul. Bring your questions.

Make a reservation here. Continue reading

WHY THE REPUBLICAN TAX PLAN IS MORE FAILED TRICKLE-DOWN ECONOMICS

by Robert Reich, 10/10/17

Trump and conservatives in Congress are planning a big tax cut for millionaires and billionaires. To justify it they’re using the oldest song in their playbook, claiming tax cuts on the rich will trickle down to working families in the form of stronger economic growth.

Baloney. Trickle-down economics is a cruel joke. Just look at the evidence:

1. Clinton’s tax increase on the rich hardly stalled the economy.
In 1993, Bill Clinton raised taxes on top earners from 31 percent to 39.6 percent. Conservatives predicted economic disaster. Instead, the economy created 23 million jobs and the economy grew for 8 straight years in what was then the longest expansion in history. The federal budget went into surplus.

2. George W. Bush’s big tax cuts for the rich didn’t grow the economy.
In 2001and 2003, George W. Bush lowered the top tax rate to 35 percent while also cutting top rates on capital gains and dividends. Conservative supply-siders predicted an economic boom. Instead, the economy barely grew at all, and then in 2008 it collapsed. Meanwhile, the federal deficit ballooned. …

keep reading and see video “The Evidence for Trickle-down’s failure”at Robert Reich. Short version: History shows it’s baloney to say that cutting taxes on the rick will help the economy. Cutting taxes on the rick helps the rich and increases budget deficits.