Letter: Looks like the swamp is going to drain us
Why did the Republicans and Donald Trump pass a tax cut plan that mostly favors the big corporations and the ultra rich?
For example, they cut the corporate tax rate from 35 percent to 21 percent. They cut the rate for the wealthiest incomes from 39.6 percent to 37 percent. And they cut the amount of money the ultra wealthy pay in estate taxes. There is much more.
They are doing this at a time when the wealth gap in the U.S. is at historically high levels and growing. And these tax cuts will just exacerbate the size of the wealth gap. inequality.org states "The U.S. exhibits wider disparities of wealth between the rich and the poor than any other major developed nation."
In a report on "Trends in the Distribution of Household Income Between 1979 and 2007" The Congressional Budget Office found that "between 1979 and 2007 income grew by: 275 percent for the top 1 percent of households; 65 percent for the next 19 percent of households; just under 40 percent for the next 60 percent of households; and 18 percent for the bottom 20 percent of households."
Why favor the corporations and ultra rich? Could it have something to do with the Supreme Court decision "Citizens United" which was decided by the five Republican-leaning Supreme Court Judges in 2015 which allows the huge corporations and the ultra wealthy to spend unlimited amounts of money buying our political system?
How about lobbyists? I thought the Republicans wanted to "drain the swamp"? According to a recent report by the government watchdog group Public Citizen, 6,243 registered lobbyists can be found on disclosure forms involving taxation issues this year alone. Over 4,200 of these lobbyists indicated that their work was specific to tax reform. Drain the swamp??—Robert Peterson, Henning