Senate Tax Cut Bill – Can’t We Do Better?

I am trying to look at this issue from a bipartisan standpoint, but I am having great difficulty in doing so.  In theory, I am an ardent supporter of balanced budgets (if I have to pay bills based on my own budget, so should the government).  We need to cut wasteful federal spending and reinforce government programs that work.  When I reviewed the tax bill that passed the US Senate overnight (by a 51/49 margin), I am left with a defeated feeling.

The problem is this:  The tax bill disproportionately favors the very wealthy in this country, including our President.  The very wealthy do not need help, the ever-shrinking middle class DOES.  When I saw that the bill was passed with scribbled notes in the margins as updates, it was a reminder of the phrase: Haste makes wasteThis bill is waste at the expense of my generation, and a couple behind mine.  Over 1 TRILLION dollars’ worth of deficit spending.  Unacceptable.

I know the Democrats could have done more to make this bill a bipartisan one, but the President and the Republicans left no politically viable avenue for them to take.  I would have liked to see both sides of the aisle working on this legislation.  There is some tax relief for taxpayers like me, it seems, but we don’t yet really know the complete impacts of this bill (see above: haste makes waste).  What we know we have is an end product crafted for the wealthy (business owners included, of course), and not for good of country.  This is absolutely ridiculous.

I do believe in tax reform and a government spending restructure.  We need a top-down analysis of what we are taking in, what we are spending; what works and what doesn’t work.  Period.   Our hard-earned money can be better spent (and taxes better aligned), but we should never ever tilt the scales towards those that have so much already.  The middle-class is America, and we need to take stronger steps to strengthen it.  This bill simply does not do that.

Here are some suggested articles to read on the subject:

https://www.washingtonpost.com/news/education/wp/2017/12/02/after-a-high-drama-vote-heres-what-the-senate-tax-bill-means-for-schools-parents-and-students/?hpid=hp_hp-top-table-high_what-it-means-730pm%3Ahomepage%2Fstory

https://www.huffingtonpost.com/entry/chuck-schumer-tax-bill_us_5a2224fde4b0a02abe91524b?ncid=inblnkushpmg00000009

https://www.politico.com/story/2017/12/02/tax-reform-whats-next-201078

https://www.nytimes.com/2017/12/02/us/politics/tax-cuts-republicans-entitlements-medicare-social-security.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=b-lede-package-region&region=top-news&WT.nav=top-news

– Mike