To the editor:
We continue to get to read misleading statements that appear under Jason Smith’s name. This time it’s about “The Tax Cuts and Jobs Act.” Words of John F. Kennedy are used to support that act. But the times were different, so the effects of lowering taxes were different. And the tax reductions then did not give 80 percent of the reductions to the top 1 percent as this plan does. Corporations do not lack funds to invest in expanding job opportunities. What our country needs is money going into the income of families that will spend it to make their lives better, not money going to the 1 percent so they can hide it in overseas banks.
The Revenue Act of 1964 had tax rate reductions which averaged 20 percent, but the “boom” came after Kennedy got Congress to try to stimulate the economy by passing a ‘liberal’ agenda that included:
• Increasing the minimum wage.
• Expanding unemployment benefits.
• Boosting Social Security benefits to encourage workers to retire earlier.
• Spending more for highway construction.
Only the most selective reading of the Economic Club speech, therefore, would reveal genuine supply-side predilection.”
— David Shreve, an economic historian.
But Smith supports an act that will require cuts of $136 million in fiscal 2018. A law limits annual cuts to Medicare to 4 percent ($25 million for 2018) so $111 million will come from other nonexempt mandatory programs. So the Republican plan is to move potential tax money to the 1 percent, then use the increased debt to remove government programs that help the rest of us. Why would they do that instead of representing our interests? The reason is wealthy donors like Texas-based donor Doug Deason. At a recent Koch brothers fundraiser he stated, “No I’m not going to (sponsor fundraisers) because we’re closing the checkbook until you get some things done.” He added he’s encouraged nearly two dozen major Texas donors to follow his lead. The view of Rep. Chris Collins on tax reform represents many of his fellow representatives. “My donors are basically saying, ‘Get it done or don’t ever call me again.'”
We need to get our elected officials to follow our lead. Let them know they won’t get your vote until you get their support.
JIM VOKAC WILLOW SPRINGS
For more details on The Revenue Act of 1964 see: http://s3. document cloud.org/documents/715643/jfk-taxcutfinal-2.pdf.