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For decades Republicans have promoted tax cuts that favor wealthy investors and big corporations over middle-class working people. The income tax rate on investments held more than one year used to be 35%. Now it’s 20%. The top individual income tax bracket used to be over 90%. Now it’s 35%. Thanks to the Tax Cuts and Jobs Act of 2017, big corporations enjoy the same 21% tax rate as small mom-and-pop companies.
The administration’s latest budget calls for more tax cuts for the rich, paid for by cutting programs that benefit Americans who are already struggling.
There are two ways to balance a budget: cut spending or increase revenue. The 2017 tax cuts increased the national debt by trillions of dollars. The middle class has shrunk while the rich have gotten richer. It is well past the time to reverse tax cuts for the wealthy.
Jeff Griswold
Kailua
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