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Letter: Don’t believe tax-cut rhetoric from Washington

The House just passed the Tax Cuts and Jobs Act, insisting once again that giving massive tax cuts to the 1 percent will stimulate the economy and provide jobs for all.

That’s a lie.

Corporations are already recording record profits and collectively have an estimated trillion and a half dollars held offshore. In a survey this past summer, hundreds of executives were asked what they would do if given more money through this tax act. The No. 1 answer was “Pay down debt.” No. 2 was “stock buyback.” The third most popular answer was “mergers.” New factories, research and other job-producing investments were very far down on the list.

At a CEO conference on Nov. 14, the question was asked directly: “Who would invest more with this money?” Only a few hands were raised. President Trump’s top economic advisor, Gary Cohn, looked surprised. “Why aren’t the other hands up?” he asked.

In 2012, Kansas Republican governor Sam Brownback instituted sweeping tax cuts for the corporations and the wealthy. He promised that his “real live experiment” would create “tens of thousands of new jobs,” resulting in an increase to school funding and social services. By 2016, Kansas had fallen from No. 12 to No. 41 in the nation for personal income growth, schools debated closing because they were out of money, Medicaid was cut, and roads went unrepaired. In 2016 alone, Kansas lost close to 10,000 jobs.

This is the same plan the House just passed for the entire country.

We have been shown time and again that so-called “trickle down” economics doesn’t work, yet the GOP keeps trying to make it the law.  I have written Senators Burr and Tillis and asked them to oppose any similar plan.

I invite you to do the same.

— Patrick Coleman

Salisbury

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