Donald Trump wants even more tax cuts for the rich!

No more tax cuts for rich 💲😳😧❗
Echo opinion letter published in The News-Gazette in Champaign, Illinois:

Dear Editor:  In 1981, President Ronald Reagan presented a new plan for the American economy. The idea he outlined became known as “trickle-down economics.” The plan called for corporate income-tax reduction, tax cuts for the wealthy and deregulation of businesses and industry.

According to this plan, the additional money available to wealthy individuals and corporations would be invested in expanding the nation’s industries, building new factories, upgrading technology and creating more jobs for American workers.

The increase in employment would, in turn, result in a greater demand for goods and services, more consumer spending and a stronger national economy. This was the theory, but this is not what happened.

Instead of investing the money💰 they saved by paying lower taxes, America’s wealthiest corporations and business owners kept the money for themselves. 

Or else, they invested it in foreign countries where labor and material costs were lower, resulting in greater returns for corporate stockholders. During Reagan’s presidency, the rich got richer, but no one else benefited.

President George W. Bush implemented a tax cut in 2003, that appeared to be a revival of Reagan’s plan. Bush’s effort at (failed) “trickle-down economics” produced the worst economic downturn in America since the 1930s.

In 2017, President Donald Trump and Republicans in Congress cut the corporate tax rate and claimed it would raise the average American household income. That did not happen. Corporations and wealthy Americans kept the money. The economy and average Americans suffered.

Do we want this to happen again?

From Mike Woods, in Champaign, Illinois