A business owner extols the benefits arising from the recently enacted Tax Cuts and Jobs Act (“Baltimore manufacturer: 'I have never felt as optimistic as I have over the last year',” June 21). He cites increased funds for corporate investments and salary increases for workers.
I fear that those who celebrate this legislation have entered into Faustian bargain with the devil. First, the act greatly favors the super rich with some 83 percent of tax cuts going to the top 5 percent of wealthiest individuals. That will simply increase an already dangerous disparity in national wealth. Second, the tax cuts will add $1.5 trillion to our national debt, which has become unsustainable and will inevitably harm our economy in future years. Finally, to reduce budget deficits arising from the tax cuts, the Republican Congress clearly intends to cut into the nation’s safety net, beginning with cuts to Social Security and Medicare.
I wonder if the business owner’s employees will be celebrating the one time largesse they now enjoy when they struggle to make ends meet in their retirement years.
Jack Kinstlinger, Towson
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