LETTER TO THE EDITOR: Trump tax cuts are a bad idea. Here's why.
The information in this letter comes from Forbes. Tony Nitti, a contributor, wrote the article. The article is based upon information from the nonpartisan Tax Policy Center.
According to the Tax Policy Center, the richest 1 percent will enjoy 47 percent of the Trump tax cuts. Do the ultra rich really need to receive 47 percent of the tax cuts?
Following is a more complete presentation of the distribution of the tax cuts under the Trump tax plan.
People with an income level between $0 and $24,800 will get 1.1 percent of the tax cuts.
People with income level between $24,800 and $48,400 will get 3 percent of the tax cuts.
People with income level between $$48,400 and $83,000 will get 6.6 percent of the tax cuts.
People with income level between $83,000 and $143,000 will get 11.3 percent of the tax cuts.
People with income level between $143,000 and infinity will get 77.7 percent of the tax cuts.
According to the nonpartisan Tax Policy Center, the Trump plan would result in total tax cuts of $6.2 trillion over the next 10 years. If these tax cuts are not paid for, they will explode the national debt. Thus, we have to think about which spending programs we could cut to come up with $6.2 trillion.
Social Security accounts for roughly 25 percent of all federal spending. Should we cut Social Security to pay for this tax cut that mostly benefits the rich?
Federal healthcare programs such as Medicare, Medicaid and Obamacare subsidies currently consume roughly 28 percent of the federal budget. Should we cut these programs to pay for this tax cut?
Other income security programs—veteran's benefits, unemployment compensation, food and housing assistance, federal employee retirement and disability—account for roughly 18 percent of the budget. Should we cut these programs to pay for this tax cut?
We have now accounted for approximately 71 percent of all federal spending.
Defense spending consumes roughly 16 percent of the federal budget.
Currently, 6 percent of the federal budget is spent on interest on the federal debt.
We are now up to approximately 93 percent of federal spending.—Robert Peterson, Henning