Saturday, November 04, 2017

Roskam dishes up Whopper on tax cut bill

The latest internet political ad from my congressman Peter Roskam (IL -6), which jarringly interrupted my research, reminds me of Burger King....it sure is a Whopper. Up popped a nice, middle class women extolling the congressman's tax bill as the number $1,223 in middle class tax savings crawled across her face. And the Whopper? According to the Institute On Taxation and Economic Policy, the average middle class savings is closer to $400. Worse, one in seven of those middle income taxpayers will see a tax increase due to reductions in deductible expenses. Roskam will never tell the truth to his constituents that 78% of the tax savings go to the upper 5% of earners, giving each one percenter an average reduction of $90,600, likely more than the nice middle class lady in the ad makes all year. Nor will Roskam offer one word of truth regarding the $1.5 trillion over the next decade added to the deficit that represents a financial time bomb on our economy that can only be partially ameliorated by slashing the social safety net. I don't know if my congressman consumes them at Burger King, but to his constituents he's only serving up Whoppers.

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