When Ronald Reagan cut taxes for the wealthy, promising that the benefits would trickle down to the working class and it would allow the job creators to create the jobs they have yet to create, the money lost to the federal coffers had to be replaced if his programs were going to go on. He, therefore, added a tax to Social Security checks, and borrowed money from the Social Security surplus funds which was never paid back.
He used the workers to cover his losses.
When Dubbya enacted his tax cuts, the federal income shortage called for yet another “loan”, and once again, as the 1% got the benefits of the tax cuts, the workers had to shore up the loss. At the same time when disapproval of this withdrawal of money from the Social Security funds was voiced, and knowing further tax cuts would call for doing the same thing yet again, the money taken out of each paycheck and on which many retirees would come to rely began to be referred to as “entitlements”, a word with the negative connotation that it was not earned or deserved, but, rather, simply bestowed and taken. At the same time it was claimed that the Social Security funds were being depleted so that an overhaul would be required that would actually allow for Social Security theft to be an ongoing guaranteed thing.
Less messy and less obvious that way.
In December 2017 the GOP passed another tax cut with promises that while the 1% would see immediate benefits, workers would just have to be patient to see theirs, and, yes, there was a problem with Social Security.
To make up for the financial loss, Paul Ryan wanted to revamp spending on Medicare and Social Security.
Although the tax cuts of December 2017 were the best tax cuts in the history of history, Republican lawmakers began almost immediately working on additional tax overhauls which call for “entitlement” reform and welfare reform because the tax cuts for the nobles will add more than $1 trillion to America’s debt burden over the next 10 years.
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Ryan had stated,
“[We] have to get back next year at entitlement reform, which is how you tackle the debt and the deficit.”
Of course another way might be to stop cutting taxes for the1% and corporations and finding new loopholes for them to go beyond the cuts, and have them pay their fair share.
Trump has promised that Republican lawmakers are “going to go into welfare reform”, obviously to maintain a veneer of fiscal responsibility while slashing government revenues through a partisan tax overhaul that will not pay for itself.
And now, as the GOP congress is dealing with how to support welfare for the nobility, Trump is talking about bypassing Congress to grant a $100 billion tax cut mainly to the wealthy that would cut capital gains taxation.
The deficit is out of control, wages are flat, and the wealthiest are doing better than ever. Giving the top 1% another break is outrageous. Two-thirds of any benefits from Trumps idea would go to the super wealthy as government revenues would be reduce by $102 billion over a decade while 86% of any benefits would go to them.
Any guesses how the hole will be filled?