Re: “Trump tax plan calls for major reductions,” (TNT, 4/27).
Well, here we go again, with new political promises of tax reform for everyone while reducing our escalating debt. Historically, the tax burden always shifts back to the middle class anyway.
Also, we are told by our politicians that the Glass-Steagall Act has to go because it constrains the banks too much. Frankly, the big banks almost destroyed our economy in 2010, and giving them even more freedom now will result in the same economic meltdown again.
The biggest con is that new tax reform will boost the economy and jobs, and help small business compete. But when the final tax legislation is approved, only CEOs, big business and the largest banks will receive the vast majority of benefits.
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Then at some point, when the economy does not rally and the promises that sold tax reform in the first place fail, there will be lots of excuses.
Unfortunately, our national debt is at about $20 trillion, which is so huge we will soon spend over $560 billion a year just to service it.
Anyone who remembers the previous political promises of “trickle down economics” will feel a sense of deja vu here.