The recent Associated Press article (“Report: Deficit to exceed $1 T next year” Aug. 22) is hardly encouraging but not too surprising when it's been estimated that the 2017 Tax Cuts and Jobs Act would add $1.9 trillion to the national debt over the next ten years.
This 1,000-plus page 2017 tax bill was crafted behind closed doors and did not receive a public hearing in either chamber before being quickly pushed through in various stages in the middle of the night.
Eighty three percent of the tax cuts are going to the top 1%. And now the U.S. corporate tax revenue is more than $100 billion lower in 2018 because of this tax bill. Our President wants to slash funding for critical programs like SNAP (food stamps), regarding education, etc. to try to make up the difference. The richest 1% of Americans own a whopping 40% of total household wealth and Trump's 2017 tax law is making the wealth divide much worse. Economies depend on consumer spending and that spending comes mostly from the bottom 90%.
In politics, as in life, priorities matter. The Working Families Tax Relief Act would help rectify the destructive path we're on. It would significantly boost income for working families by expanding the Earned Income Tax Credit and Child Tax Credit. 44 million families would benefit and lift 11 million kids above the poverty line. We need the Working Families Tax Relief Act in any upcoming tax legislation.
Donna Munro, Bremerton
Read on Kitsap Sun