The United States House of Representatives hopes to pass a tax cut package by November 17th. The Senate hopes to pass their version of their bill not long after Thanksgiving in order to send the bill to President Trump. However, this might not be the Christmas gift people hope for. Here are some of the details:
This bill will:
- Cost $1.7 trillion over the next 10 years.
- 48% of the benefit will go to the wealthiest 1%.
- Research shows us that the 1% are unlikely to invest this windfall of money in a manner that will create good jobs.
- While this bill eliminates some tax loopholes it leaves others in place such as a loophole for golf course owners. Instead of rushing to cut a tax deduction for teachers
Instead of rushing to pass a tax cut, legislators should look at the community and see what needs to be prioritized.
- Fighting the opiate epidemic: Ohio desperately needs federal investments to treat addiction and expand mental health services – especially in rural areas.
- Making higher education affordable: Most careers require some additional training after high school. Investments into training, technical and other avenues of higher education will prepare the workforce for the jobs of tomorrow.
- Addressing crucial infrastructure needs: Clean water in our homes, safe bridges, and internet access in rural and small towns.
These three investments will go farther in strengthening Ohio’s economy than a tax cut for the wealthy.