Tax cuts for the rich benefit 1 percent of people - increases national debt by $1 Trillion a year

Republican tax cuts are daylight robbery- A graphic published in The Boston Globe 

The following letter to the editor is an echo opinion from Nebraska published in the McCook Gazette

Who really benefits from tax cuts?
Every tax system creates winners and losers.

The 2017 Trump tax reform gave 83% of the tax cuts to the richest 1% of the people.

This number has not been challenged by the Congressional Budget Office (CBO), the General Accounting Office (GAO), the Internal Revenue Service (IRS), and the non-partisan Tax Foundation. The American population is 330 million people.

The 83% tax cut goes to 3,300,000, out of 330,000,000 people. The net result reduces the progressive nature of our tax system and increases our debt by one trillion dollars a year. Thus, tax revenue shrinks and more borrowed money is used to pay entitlement programs like Medicare, Medicaid, and Social Security.

This further increases the gap between the richest 1% and the rest of us. If Donald Trump truly wanted to help the middle class he would have permanently cut payroll taxes. Instead, he implemented loopholes like the pass-through, reduced capital gains tax, and retained the carried interest provision.

Corporations which are plush with cash borrow money and write-off the interest on their debt.

Meanwhile, these low-interest rates, punish the little people who hold their money in bank accounts and CDs. The Trump tax cuts follow two major tax cuts by the George W. Bush administration. Rather than investing money in research and development and job creation, corporations have rewarded stockholders and CEOs with stock buybacks, stock options, and increased dividends rather than wages increases.

Over 90% of stock is held by 10% of the American people and foreign corporations. American companies have shifted risk to their employees by moving from a system of defined benefits to one of defined contributions.

Rather than increasing wages, they are giving one-time bonuses. President Trump has attempted to replace affordable healthcare with bare bones minimum coverage plans which do not guarantee coverage of preconditions. This is how he plans to reduce the cost of healthcare.

Tax cuts which dramatically increase the national debt when there is already full employment are contrary to traditional economic theory. When interest rates go up the cost of financing the national debt goes up accordingly.

Tariffs on imported goods increase inflation. Inflation eats up the little guy's tax cuts. Your paycheck may be a little larger, but you will end up with less purchasing power and a lower standard of living.

Mr. Trump says “the best is yet to come.” (MaineWriter- is this a "recession alert"?)

Is it?  Roger Green
Scottsbluff, Neb.