The title says it all on this one. Hell, if that were the case more often, every article would write itself.
Our government has pulled this move for the second time on our country just this past week. The first time, in 2017, The Donald introduced the Tax Cuts and Jobs Act, essentially trickle down economics.
This is done, in theory, to stimulate economic growth. Justification given for this was that the wealthiest households would have more money to invest, leading to more jobs.
What happened is the companies got more money, but no spike in investments. What does this trickle down mean for people who aren’t the most wealthy?
They end up paying the highest tax rates, earning the least. Trump’s tax cuts add $1 trillion to the national debt, offsetting their benefit.
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Keep in mind also that companies and individuals are taxed differently. The breaks to companies are a permanent fixture Trump put in place, with you as an individual slated to lose yours by 2025.
At the moment, we are in a recession like few others seen in our lifetimes. With the unemployment rate at 10.2%, the divide between the rich and poor has been increasing.
Thus the problems with trickle down economics.
Those out of work have had their unemployment checks cut from $800 per week to $600, though it has been debated if that may go even lower.
As of yet, there’s no word on if the benefits will be extended or not. For millions of Americans, their future is not secured. Their rent, bills, and food are not guaranteed. Millions of families may be forced on the street if there does not come any aid.
At least the companies won’t run out of money. They’re future is ensured by legislation. Why do the people lack priority?
By the people, for the people is how it’s supposed to be. Don’t let anyone tell you otherwise, friends.