It’s just obvious at this point
How many times must we argue that trickle down doesn’t work? It never worked. It’s simply a ploy to allow the wealthiest to keep what they should be paying into the U.S. Treasury. It didn’t take Donald Trump long to propose and pass a tax cut on these same people, even as the middle class continued to shrink. Fortunately, there is an end to those taxes, as they are set to expire in 2025. What happens with them depends on who wins the 2024 election.
President Biden wants to get rid of Trump’s tax cuts, which Trump claims will tank the economy. Trump is clueless. Every economist worth his or her degree will say unequivocally that tax cuts for the rich and corporations increase the wealth of the rich and nothing else. Pages and pages of this information are immediately available if anyone bothers to look. If, instead, you listen to Donald Trump, you might just see Armageddon over the horizon. He claims that eliminating tax cuts for the rich will cause “mass layoffs that could permanently cripple the economy.” If you also listen to your Trump-loving friends (to the extent they’re still friends), they claim that they, too, benefitted from those tax cuts. Hopefully, they made good use of the on-average savings of $930 per year estimated by the nonpartisan Tax Policy Center. At the same time, those who enjoyed being in the top 1% received $51,140 back while those in the top 0.1% saved $193,380. Now, did anyone out there get benefit of the tax savings those people received? Doubtful, very doubtful. That money didn’t create new jobs, nor did it create raises for workers or decreases in the cost of goods. It went straight into their stocks, pockets, and anything else that benefitted only them. Yet, Trump tells his rally-goers that President Biden’s plan will increase their taxes, and they are too stupid to do anything other than listen to Trump.
Should he prevail in 2024, President Biden has a specific plan for raising taxes on the wealthy and corporations, while creating deeper cuts for workers and families. That’s how most Americans will see a difference in their lives. Higher prices don’t seem so bad when you have the money to pay them, and let’s face it: it’s the regular people who fuel the economy, not the ultra-rich. President Biden does recognize that if Republicans control the House and/or Senate, this may be “mission impossible,” but he wants to try. He wants to give us some relief, and he wants to give the deficit relief, which will suffer from the continuation of tax cuts for the wealthy and corporations.
Between continuation of tax cuts for the wealthy and corporations and Trump’s love of tariffs, he will bankrupt the country and everyone in it in short order. The cost of those tariffs will be passed on to customers and will create nothing but a bigger deficit. The 2024 election is a no-brainer. Do you believe a proven liar or the man who has done nothing but try to help citizens? The choice is clear.
Shirley is a former entertainment writer and has worked in the legal field for over 25 years