Some congressional candidates’ campaign literature states that the economy is fine. They praise the corporate tax cuts under Trump’s enacted tax reform proposal and reference “how the stock market is at an all-time high,” making it sound like everyone is benefiting. Let’s come back to reality. Here are some important facts that show the opposite. So, voters don’t be fooled by the campaign propaganda!
►The World Economic Forum cites that minimum wages are higher in 10 advanced industrial countries as compared to the U.S. (after taxes are deducted from an individual’s wage payment);
►The average CEO of S&P 500 companies made 347 times more money than an average production and non-production supervisory worker at $37,600; the median pay for CEOs of such major companies is $11.5 million;
►Just under half of the population is living paycheck to paycheck; a May 2016 poll indicated. “Two thirds of Americans would have difficulty coming up with money to cover a $1,000 emergency.”
►The gap between the richest Americans and the rest of the population widened after the Great Recession, deepening inequality;
►A recent, past Oxfam Report indicates that the wealthiest 1 percent of the world’s population “will own more wealth than the other 99 percent.”
►47% of 55- to 62-year-old Americans would run out of funds necessary to pay for basic retirement expenditures if they retire at age 65.
►New jobs (in general) pay less than pre-2008 recession jobs; wages are rising at a snail’s pace.
►A 2017 Gallup poll indicates that in the post-recession, the percentage of Americans investing in the stock market declined to 54 percent. In addition there has been a surge of individual investors who entirely exited the stock market. Only 37 percent of younger Americans under 35 invest in the stock market post-recession.
►Some large corporations pay no federal taxes. Amazon, a perfect example, had profits of $5.6 billion, but paid no federal income taxes for 2017; however, it will receive a $137 million federal tax refund. The law allows this?
So, how do candidates for Congress or any public office suggest that our American economy is just fine as a result of Trump’s tax reforms? That takes gall!
Deborah K. Smarth
Manalapan
PUBLISHED IN APP.COM https://www.app.com/story/opinion/readers/2018/05/06/tax-reforms-not-working-tax-cuts-u-s-economy/584611002/