Letter to the Editor
Tuesday, November 14, 2017 4:37 pm
To the Editor:
Republicans are pushing tax reform on the pretense of a pie in the sky revved up economy. Once again, mainstream America is pushed aside for the Neoconservative-neoliberal economy.
To gain approval of colossal tax cuts for corporations, Republicans are offering meager tax cuts for working Americans. Compromising a democratic society, the infrastructure is collapsing, health care a total wreck, and education is being torn to shreds.
David A. Stockman, chief architect of Reagan's tax revolution, in his book "Trumped" spoke to Reagans cuts.
Reagan believed tax cuts would produce job growth, investments in plants, equipment and technology. He believed because of generous tax cuts, the corporations' wealthy would reward Reagan's America. According to Reagan's chief architect Stockman, it didn't happen.
Reagan's tax cuts were a budget failure. Lost tax revenue was later diminished with tax increases on working Americans, not the wealthy.
The corporations' lobbyists control politicians for billions of dollars in tax loopholes. Offshore money is held back for favorable legislative tax cuts. Years of tax manipulation should have created jobs. For years, wealthy corporations profit off America's loss tax revenue without producing good job growth.
Corporations changed their competitive position by merging or acquiring other businesses, leading to cutting jobs, closing plants, sending jobs overseas, outsourcing for reduced cost. Many buy-back large amounts of their stock, which is good for large stockholders and CEO's. This is viewed by investors as good business. It gives rise to the market wealth, but doesn't produce jobs.