Your Views: Trump’s tax plan would hurt the middle class
The Trump administration and Paul Ryan will put tax reform as a top priority. They propose a three-bracket approach. The top rate will go from 39 percent to 33 percent. They say that people in the lowest income group may pay no tax.
The tax plans of the last 30 years have moved wealth upward and concentrated it in a smaller group. The 30 percent change will accelerate that trend. If the result of new tax plan is revenue neutral, the middle class will be taxed to make up the difference. If the new plan results in less government revenue, there will be severe cuts in Social Security, Medicare and Medicaid.
The middle class and its spending capacity are really what drive our consumer-based economy. We need to protect that group for long-term economic growth. Concentrating wealth in the donor class only maintains a dangerous trend. While going to a three-bracket plan looks simple and beneficial, it is just a slick and showy way to present a problematic policy. We need to be aware of the results of the new tax plan and who ultimately will benefit and what the consequences will be.