Trickle-down tax cut won’t help economy
It is as simple as the rich win, all others lose.
Tax breaks for the rich are permanent and all others phase out over time. After President Ronald Reagan’s trickle-down tax cut turned the tax code upside down, he had to raise taxes several times to stabilize the economy.
Federal Reserve policy saved his bacon and all of ours. Coming out of a recession, government spending, not a tax cut for the rich, should be used to jump start the economy.
History shows that trickledown economics does not work. Corporations and the rich do not pay too much in taxes. General Electric paid no taxes.
As for Obamacare, all was fine until President Donald Trump’s rhetoric engendered uncertainty in the health insurance market. Repealing the insurance mandate will set health care on a real death spiral that the Republicans talk about. It’s all on them.
The economy is still President Barack Obama’s until Trump and the Republicans screw it up.
Melvin Sakamoto Palolo