Trickle down?

Regarding “GOP discovers little voter enthusiasm for a tax plan wealthy donors demand” (Page A12, Friday), I have bet numerous friends and family members that there is no way that Congress will get a tax bill to the president’s desk by Dec. 31. So far, no one has accepted the $1,000 bet. There is so much to dislike about both the House and Senate bills; I’ll touch on a few issues.

The AARP is up in arms because seniors may no longer be able to deduct huge medical bills. Millions of homeowners, myself included, may lose the home mortgage deduc- tion. With the possible loss of the individual mandate requiring everyone to have health insurance or pay a penalty, premiums, copays and deductibles will skyrocket, causing millions to lose their health insurance coverage.

By giving huge tax breaks to corporations and the wealthy, the GOP is following the longdiscredited theory that the money will somehow trickle down to the working class in the form of increased pay and better jobs.

What is not acknowledged is that employers only increase production and employment when they have expanded markets. They have no reason to increase jobs or produce more if they can’t sell those new products. Companies will find other uses for the windfall from the GOP. Meanwhile, virtually everyone else loses.

Jim McMahon, Spring