Tax reform bill is not conservative
Tim Scott, Lindsey Graham, Mark Sanford. All three of them are conservatives. We expect them to limit spending and to reduce the deficit. But they are doing neither.
The new Tax Cuts and Jobs Act they are pushing gives a huge tax break to their extremely wealthy individual and corporate donors. This bribe will increase the U.S. deficit by about $1.4 trillion. Should the bill become law, the deficit will be watered like a bad weed — and by conservative Republicans.
To placate the middle class, a small tax cut may be given to them. More important: backers of the bill claim that the money given to the high rollers will “trickle down” to the rest of us. No, it won’t. The open secret is that the “trickle down” theory has been tested (by the Reagan administration) and found wanting. There will be no “trickling.”
When the wealthy get more money, they invest it. When corporations get more money, they pass it on to their shareholders. They don’t use the money to give their workers a raise. Some businesses may expand and make new jobs, but most business leaders are big shareholders and would rather have the money.
This bill is simply a bribe to donors. It is paid for by borrowing money, by eliminating the Affordable Care Act, and by defunding Medicaid.
Tina Farrell
Bluffton
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This story was originally published December 1, 2017 at 1:56 PM with the headline "Tax reform bill is not conservative."