To the Editor:
After a quick look at what the GOP has rolled out as "tax reform," I am of the opinion that it is nothing more than a big tax cut for thee wealthy and corporations that will be paid for by Robin Hood in reverse — robbing the poor to give to the rich, and borrowing 1.5 trillion using what is left of Uncle Sam's credit card. The latter being something the GOP has been very opposed to under Democratic administrations.
The very poor may get a "break" by staying very poor, and it may be possible for them to skip paying taxes all together. For the middle class, which allegedly this "reform" is to benefit, you may actually find yourself paying more taxes, not less. Interestlingly, the wealthy, which are not supposed to benefit, may make out like bandits. I read, for example, that some of them may get a tax break of more than $300,000 per year plus millions saved in inheritance tax. My prediction is that when the "light of day" finally shines brightly on this "reform," it will go down like the Titanic.
Real reform would require an increase in taxes for the wealthy and corporations and a decrease for the middle class and especially the poor. They will spend the money resulting in more business and more jobs. This has actually happening in California, which is booming.
When the rich get the money, they just go buy a bigger yacht or put the money in an offshore bank — it doesn't trickle anywhere. The GOP tried their plan under George W. Bush and it resulted in the largest recession since the Great Depression. This latest ill-conceived plan, if adopted, may ultimately cause another Great Depression, just like the "good old days."