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Taxes and the 2024 election

By Shelbey Diamond-Alexander

It is a Republican belief that the best way to serve the public good is to slash taxes and regulations because that would enable the very wealthy to accumulate capital they would then invest more efficiently in the economy; therefore helping everyone, maybe.

Proponents of the 2017 Trump tax cuts said the cuts would benefit mainly ordinary Americans. Instead, the bill gave those in the top 1% a tax cut more than 50 times higher than the cut that fell to middle-income households. Meanwhile, corporations used their tax savings on stock buybacks, dividends, and executive pay. No wage gains trickled down to the bottom 90% of workers.

Our economic growth rate was supposed to double or triple. Instead, our GDP stayed at about the same rate as it had been before the tax cuts. Those behind the 2017 tax bill said it would increase revenues and pay for itself, but revenues fell and the deficit increased.

Trump promises to cut taxes again for the wealthiest among us and institute tariffs, which are essentially taxes levied on imported goods and passed on to the consumer. Abolishing the income tax and replacing it with tariffs would raise taxes for a typical American family by $5,000.

The Biden administration favors a fairer system of increasing taxes on less than 5% of households and on big corporations mostly by tightening tax loopholes. His proposal to restore the Child Tax Credit benefits parents of all income levels.

By not showing preference to the wealthiest of the wealthy, our country can raise enough revenue to fund critical national priorities, like Social Security. By The Way, the Heritage Foundation, funded by Koch Industries and the major organization behind Project 2025, has called for raising the retirement age for Social Security benefits to reduce its funding.

So, who would be best at serving the public good?

It is a Republican belief that the best way to serve the public good is to slash taxes and regulations because that would enable the very wealthy to accumulate capital they would then invest more efficiently in the economy; therefore helping everyone, maybe.

Proponents of the 2017 Trump tax cuts said the cuts would benefit mainly ordinary Americans. Instead, the bill gave those in the top 1% a tax cut more than 50 times higher than the cut that fell to middle-income households. Meanwhile, corporations used their tax savings on stock buybacks, dividends, and executive pay. No wage gains trickled down to the bottom 90% of workers.

Our economic growth rate was supposed to double or triple. Instead, our GDP stayed at about the same rate as it had been before the tax cuts. Those behind the 2017 tax bill said it would increase revenues and pay for itself, but revenues fell and the deficit increased.

Trump promises to cut taxes again for the wealthiest among us and institute tariffs, which are essentially taxes levied on imported goods and passed on to the consumer. Abolishing the income tax and replacing it with tariffs would raise taxes for a typical American family by $5,000.

The Biden administration favors a fairer system of increasing taxes on less than 5% of households and on big corporations mostly by tightening tax loopholes. His proposal to restore the Child Tax Credit benefits parents of all income levels.

By not showing preference to the wealthiest of the wealthy, our country can raise enough revenue to fund critical national priorities, like Social Security. By The Way, the Heritage Foundation, funded by Koch Industries and the major organization behind Project 2025, has called for raising the retirement age for Social Security benefits to reduce its funding.

So, who would be best at serving the public good?

The writer is chairperson of the Barrow County Democratic Committee


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Paul Bunce
Paul Bunce
25 juin

Democrats always believe that raising tax rates will increase revenue. They ignore centuries of experience showing the this is not the case. They also ignore the fact that one of their real heroes , JFK, made lowering tax rates on of the first actions taken in his administration. And it worked just as it always does.

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En réponse à

It’s not about raising or lowering taxes (except it’s really important to raise taxes on the Uber wealthy and corporations), but rather allocating taxes better so they help people. Like universal healthcare, early childhood care for everyone, secondary education funding, better access to food & housing, addiction and mental healthcare, etc. We have the funding, but we blow it all on war and subsidies for corporations. Until we use our taxes for the good of all people, we will never see change. And people that vote for the current democrats or republicans are keeping the status quo. They both have big corporate lobbyists in their pockets.

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Too many working class Americans believe their choices don't matter; they do. Far too many people still believe in trickle-down economics, despite hard evidence to the contrary. Shelby nailed it. Facts don't lie. Why would anyone willingly vote against their own interests?

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More Horseshit!!! Democrats want to tax you to historic levels.

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En réponse à

What does jersey Mike’s pay their employees?

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