To the Editor:
Remember when our federal government’s current majority party promised that its tax cut program would pay for itself and raise all workers’ boats? Guess what? The Treasury Department recently announced that the federal budget deficit for the 2018 fiscal year grew to $779 billion, a 17 percent increase.
Because the tax plan cut the top corporation tax rate from 35 percent to 21 percent, their tax revenues are down by over 30 percent. In the fiscal year 2017, corporate tax revenues were $297 billion, but in 2018, they were down to $205 billion.
Workers were told that the tax cuts would fill their bank accounts, but most of the cuts went to the wealthiest top one percent of families who will receive an average tax cut saving of $51,140. Families earning $25,000 or less will save $60 on their federal taxes, and families earning between $48,600 and $86,100 will save $930.