President Donald Trump has signed into law a $1.5 trillion tax overhaul package. Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that "the numbers will speak."
President Donald Trump signed his tax reform bill and stated that the numbers will speak for themselves (“Trump signs tax cut in 'rush job' Oval Office event, heads to Florida,” Dec. 23). Well, I looked at the numbers and for most of us except for the super wealthy, they are pretty ugly. According to the bipartisan and highly regarded Tax Policy Center, the Republican tax plan gives 83 percent of its tax cuts to the wealthiest one percent of earners. The poorest Americans, it is estimated, will get about $60 each, middle class will get an average payout of $930, while those earning up to $732,800 a year will get $13,480 back and the biggest tax break would go to the top .1 percent of earners who will see an average after tax gain of $193,380. And the tax breaks to individual taxpayers will disappear in 2025 while tax breaks for corporations have been made permanent.
Other numbers that speak for themselves is that the Republican tax reform package will balloon the national debt by $1.5 billion. Additionally, eliminating the mandate to buy health insurance will cause younger, healthy Americans to leave the health insurance pool, raising premiums for those of us who remain insured and leaving an estimated additional 13 million Americans without health insurance. Well, the numbers have spoken to me, and I say it’s a bad deal for America.