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Big billionaire tax break

EDITOR:

The Preamble to the Constitution lays out the basic goals of our democracy. Prominent among them is “promote(ing) the general welfare, and securing the blessings of liberty to ourselves and our posterity.” Nowhere does the Constitution mention any circumstances under which it would be appropriate to sacrifice this foundational goal in order to make the rich richer or the powerful more powerful. Medicaid cuts within Trump’s so-called Big Beautiful Bill (aka, 2025 Budget Reconciliation Bill) which became law last week are projected to strip healthcare benefits from up to 14 million Americans.

The Detroit Free Press reported last week that at least three key rural Michigan hospitals will likely go bankrupt and close as a result of the cuts it mandates.

Republicans pedaled this bill claiming social welfare spending cuts would offset the loss of revenue due to the tax cuts. Unfortunately, they won’t. According to the Congressional Budget Office the math is simple: $4.5 Trillion in tax cuts (mostly going to multi-millionaires and billionaires) minus $1.2 Trillion in spending cuts to programs such as Medicaid, Medicare, public education, clean air and water, etc.

equals $3.3 Trillion added to the deficits (and more to the National Debt due to interest accruing) over the next decade.

The myth behind this budget scam, “Trickle-down Economics” has been around since Reagan was President. It claims when the wealthy get a tax break, they “invest” it in business, hiring workers, raising wages, offering better benefits, etc. But it’s a lie. Economic statistics prove that over the last 50 years tax cuts for the wealthy have drastically increased inequality, funneling vast sums of money upward from the lower, working poor and middle classes to the elite few.

Some economists project this bill will create the largest upward transfer of wealth in world history. It’s not just illegal immigrants or the so-called “lazy poor” who will be hurt by this bill. The CBO says nearly 40 million children will be affected, losing health care, nutrition support and other benefits. Then, in 2027, after the Mid-term elections, the real pain will begin, when $500 billion in Medicare cuts kick in. Millions of retirees, many elderly widows, will be forced to choose between putting food on the table, or foregoing necessary medical care and prescriptions.

These are just a few examples of the pain and cruelty which Trump’s Big Billionaire Tax Break bill is going to cause over the coming years. We can thank Congressman Jack Bergman for voting for this draconian attack on the most vulnerable people in America.

In my opinion, it is a gross repudiation of the basic aims and high ideals enshrined in our Constitution.

Dan Young

Escanaba

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