Lest we forget: back around the early ‘90s, the super-rich decided they needed to be rewarded for funding the campaigns of Congress. The super-rich demanded a huge return on investment. Congress notices over two trillion (with a T) dollars sitting in the social security trust fund. So Congress gave the two trillion to the super-rich. Two trillion of our hard earned social security monies. To maintain the giveaway to the super-rich, Congress decided to income tax the benefits of Social Security. This tax really only affects the middle and low income folks. Monies placed into the Social Security trust fund already had been taxed, but why not double tax the unsuspecting hard-working middle and lower class one more time? Because Congress can.
Greed knows no bounds. Today the stock market is at record highs and corporate profits are setting new records monthly. One in five major corporations in the US pays no income tax, period, and some even receive a rebate of additional cash over and above what was withheld. The super-rich site the 39% corporate tax rate (that none of them pay) for the basis of their lower tax rates. Once again, the super-rich is demanding another huge return on investment and Congress once again is willing to oblige.
Here is what is happening the best I can understand the program: Congress will take this nation an additional 1.5 trillion into debt to provide more monies to the super-rich. Some in the middle/lower class will see a few hundred dollars in their account as the result of the tax reductions. Around 8% of middle class Americans will see a tax increase right off the bat. By 2022 those earning less than $50,000 will all see a tax increase and by 2027 all of those in the middle class will be paying additional taxes (the tax cuts by the Congress for the middle class are not permanent cuts, only temporary by code). The tax cuts for the super-rich are permanent.
Plus, because proposed changes to the Affordable Care Act, it is estimated those purchasing their own health insurance will see an increase of at least 10%. So you get a few hundred dollars in one pocket called a tax decrease, we all cheer for the new lower taxes but we pay no attention it will cost as much or more in increased health insurance premiums. Medicaid will also see substantial cuts, billions gone, and counties will be left holding the bag to fill the void. County taxes will need to go up due to the Medicaid substantial cut. (We can’t allow these folks to die in our local streets.) The Congress will attempt to claim the tax reduction and these other increase in expenses are not related—-they are!
As a side note, I started drawing social security a couple of years ago. Between my employers and myself, I will pay into social security about $5.000 this year. Of that $5,000, there is NO adjustment to my benefits, it is just $5,000 given to the government, monies paid in with no return to me.
The billionaires of this country may have the money to “purchase Congress”, we who were the once working middle class still control the ballot box. (There is an effort underway to strip the power to vote away from many classes of citizens.)
We in North Iowa need to say “enough is enough, I am mad as hell and aren’t going to take it any more”. How about you?
Stan Walk, Saint Ansgar, Iowa
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