A top priority for President Donald Trump is extending the Tax Cuts and Jobs Act, but despite all of the touting of this, it is worthwhile to revisit how this exactly plays out in real life.
The Tax Policy Center in their distributional analysis provides the following: In 2025, the top 1% of income earners will receive an average tax cut of $61,090; the middle earners an average of $910; and low-income earners a $70 tax cut. The benefits for the corporate tax cuts went mostly to corporation owners and high paid earners, the promised trickle-down boom has so far failed to trickle down even as profits have soared.
Ideas for funding the TCJA include 10% import taxes, eliminating mortgage home deductions, child care credits. trimming food stamps and Medicaid, among the many. Recently enacted tariffs probably have more to do with raising revenue than protecting the public from fentanyl and criminals despite what you my hear from the administration.
I tell you what, President Trump, you can keep my $910 and put it toward the additional $4.6 trillion that extending the TCJA will add to our already bloated deficit.
Pamela Rule
Montrose
