Lower taxes for the rich and refuse to help the hopeless, hungry and homeless. Give them and the economy will be stimulated.
The evidence lies in the economy that taxpayers’ money released to the top does not perish. Those at the top have proven time and again that they don’t care about the bottom. When President Obama bailed out the many corporations, most of us can remember the wild editions and parties we held. After the party dust subsided, they decided to raise salaries for the top CEOs. Apparently nothing was learned from this.
We probably all remember the big tax cut for the rich in 2017. A Trump White House member convened a meeting and asked attendees to raise their hands if we made sure the tax break was shared with their staff . Out of hundreds of people, only two hands went up. The trickle down effect doesn’t work when it comes to the top 10% holding the wallet.
The evidence of this is available today. The economy jumped after Congress passed the stimulus package for the poor and lower middle classes. If it hadn’t been for the coronavirus, more evidence would be seen. That stimulus money did exactly what it should be doing. It boosted the economy.
Some of the effects are obvious, others hidden, and many come into focus when examining their personal finances. It wasn’t a shame. Trump told businessmen just before the law was passed that he was going to do something great for them, and he did. He made sure the taxes they had to pay were reduced from 35% to 21% or less.
Now we get a little closer to the grassroots population and hear the cry of the poor, sick, old, children, marginalized and underserved, who ask for help with rent, food, medicine, health care and educational materials. And the same Republicans – who just a few years ago controlled the House Ways and Means Committee and the Senate Finance and Budget Committees – shouted, “No, we can’t give this group anything. They should get out and work for what they need. ”(Let me remind you now that many of them have two jobs and still cannot make ends meet financially.)
A majority of Democrats heard the call and urged Republicans to join forces and help these people. The answer was, “No, the deficit is already too high.” (Remember the big tax cut on the rich a few years ago) The “no” was followed by Senator Mitch McConnell’s famous question: “How should we to pay for it?”
The Democrats had to go alone without a Republican feeling the pain and suffering of the citizens crying out for help. They received a one-time incentive spread over a six-month period that totaled $ 3,000 or less depending on family size. The families had to use the money to stimulate the economy.
The 2017 tax cut was a gift for the rich. What did it do to stimulate the economy? That money draws dividends and interest somewhere.
The 2017 tax cut has served its purpose. This widened the gap between rich and poor.
Willie Mae Samuel is a playwright, founder and director of the African American Connection of the Performing Arts Inc. and recipient of the Heart of the Community Award 2020. She can be contacted at [email protected]