Deficit would soar under GOP tax plans

The GOP House and Senate tax bills are simply a massive permanent tax cut for corporations — billions in savings to booming companies — that would add $1.5 trillion to the deficit. How easily this is overlooked so congressional donors can get wealthier while destabilizing health care for thousands of Kentuckians.

If there is any benefit to the middle class, it will be minimal and temporary. Claims about tax cuts resulting in jobs and economic stimulus are empty rhetoric. CEOs admitted they don’t plan to reinvest in their workforce; tax savings will go to investors and the bottom line.

Ronald Reagan’s and George W. Bush’s tax cuts raised the deficit, slowed the economy and increased income inequality. This is history repeating itself with the GOP enabling large corporations to weaken our democracy.

Sens. Mitch McConnell and Rand Paul and Rep. Andy Barr continue to be immorally influenced by their donors and ideology. They are out of touch and support massive redistribution of wealth with the tax bill. The only beneficiaries are the wealthy, not Kentucky constituents.

This story was originally published November 29, 2017 at 7:41 PM with the headline "Deficit would soar under GOP tax plans."