In the wake of Trump’s tax reform speech in Missouri, Democrats are doubling down on their No. 1 priority — rich people must be punished for the sin of success and not be allowed to get one red cent in tax relief ever.
Pay no attention to the fact taxes are meant to fund the services needed by the people, to Democrats taxes are a weapon of social redistribution and retribution.
Senate Democratic leader Charles E. Schumer said Democrats would not support any plan that cuts taxes for the top 1 percent of earners.
This echoes a letter signed by 45 Senate Democrats — including Nevada’s Catherine Cortez Masto — on Aug. 1. That letter states “any reform effort should not benefit the wealthiest individuals, who have already seen outsized benefits from recent economic gains while working-class wages have remained stagnant. … Tax reform cannot be a cover story for delivering tax cuts to the wealthiest. We will not support any tax reform plan that includes tax cuts for the top one percent.”
The letter also declares, “We will not support any effort to pass deficit-financed tax cuts, which would endanger critical programs like Medicare, Medicaid, Social Security and other public investments in the future.”
Where have they been for the past couple of decades as deficit spending has skyrocketed?
Rep. Dina Titus also echoed the party line class warfare paean by saying, “The President’s so-called tax reform plan, which is full of vague promises, rigs the system to benefit the wealthy. We should know by now that ‘trickle down’ economics is a myth which allows the rich to get richer while causing middle-class families to fall further behind.”
But tax cuts can stimulate the whole economy, whether you call it trickle down or the Laffer Curve.
You tax the rich for the same reason Willie Sutton robbed banks, because that is where the money is, not as punishment.
If everyone gets to spend more of their own money, rich or poor, that will spread the wealth.
Democrats are short sighted. They can’t see past their hatred of the rich and their special interests.
For example, Titus recently said, “It is important that any federal tax reform keeps in place the ability to deduct state sales tax,” which of course would also keep the income tax deduction.
Pay not heed to the fact Nevada is in the bottom 10 of states for benefiting from local and state tax deductions, and that cutting the deductions could cut Nevadans’ actual overall tax rate.