I just reviewed the annual report mailed from Rep. Paul Ryan’s congressional office. It's an interesting read, detailing federal revenue and expenditures albeit from the 60,000-foot level. Importantly, in smaller font at the bottom of the chart, there is a notation that “spending is 117 percent of revenue”--another way of saying that nationally we aren’t paying our collective bill and 17 percent of the shortfall will be added to the national debt.
It seems irresponsible to me that, in light of yearly budget revenue shortfalls, Congress passed a massive tax reduction that will add $1.5 TRILLION (yes, with a gigantic T) to the national debt. Are you comfortable that this huge shortfall will be passed on to our children and grandchildren? I am not!
And to compound the situation, the vast majority of the tax rebate will be given back to the very wealthy and large corporations without reducing the large number of loopholes that these entities have been using for years. Despite this legislation being branded as a middle-class tax cut, it most certainly was not!
The Republican Party used to be the party of fiscal responsibility. They’ve long ago lost this mantel. They tax and spend just like the Democrats they readily criticize. The difference is that Republicans disproportionately prefer to cut taxes to the wealthy to the detriment of the middle and lower classes.