I’m writing to thank all who came to my town hall meeting on the new tax plan and the panel of experts who explained the bill, answered technical questions, and commented on how it will affect people in our district and across our nation.
One person who attended and later wrote this paper asked a question about the good provisions of the bill, specifically bonuses and wage increases (“Tax bill is not all bad,” March 3). As I explained when asked a similar question, bonuses are great and wage increases are even better.
However, the problems with this bill are serious:
-- 83 percent of the tax cuts go to the richest 1 percent.
-- 86 million middle-class families will see a tax increase over time.
-- $2.3 trillion will be added to the national debt.
The immediate positive impact of the tax bill is that companies are seeing billions of dollars in profits that they are sharing with their richest investors. One analysis found that 43 percent of the benefits of the bill go to investors as the pace of corporate stock buybacks has shot up, while only 13 percent goes to workers.
This was one of the largest overhauls of our tax system, and it was passed with no hearings and no expert testimony. If we had that important input, we could have passed tax reform that worked from the middle class out.
We could have avoided 13 million people losing their health care because of the repeal of the individual mandate and we could have avoided adding $2.3 trillion to the national debt if we had worked to pass bipartisan reform that put the middle class first.
House of Representatives, Fifth District of California