New tax increase hurts the poor

People making $250,000 or less per year may face a tax increase after the 2018 budget was approved by the U.S. House Oct. 19 with all Republican and no Democratic votes.

Tax cuts will be made to Medicare and Medicaid food stamps and Social Security benefits, causing the poor and middle class more damage by making healthcare unaffordable.

“This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country,” President Trump said in a Tweet Oct. 20.

Since the budget is not a law, it cannot actually cut or raise spending or taxes, according to the Chicago Tribune. Trump just decided to end this year with a bang since failing to repeal Obamacare, he felt he had to do something to prevent the $1.5 trillion in tax cuts from increasing the $2.4 trillion deficit, as well as bring more financial and overall hardship to the non-wealthy.

This deficit will have to be made up with even more tax cuts on top of taking funds from the services that the poor and middle class rely on to live, according to the Maine Beacon.

The L.A. Times said that to allow Trump’s cuts, a deficit increase over 10 years will total $1.5 trillion.

Trump said he is sure the cuts will take place “fairly shortly thereafter” the votes approved them. The government needs more revenue since millions more Americans start to use Social Security and Medicare every year, which now have money taken away from them.

Over the 10-year span, Trump said he is fine with the result being “all growth,” in an interview with Fox, yet growth will not make up for all the revenue lost just because he wants to prove a point. Trump’s definition of greater America seems to take continuous blows at the lower middle class, depriving them of everything the wealthy can afford for themselves. Everything he does seems to hurt the U.S. more and more.

The economy is also affected in being near full employment. With a national unemployment rate below 4.5 percent, tax cuts will leave us struggling to create jobs, according to CNBC. Increased wages are in higher demand, so businesses would rather invest in technology than hire more workers.

Trump needs to put his pride aside and realize that those lower on the totem pole truly run this country and continuing to hurt them is hurting the nation as a whole.

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Unsigned editorials represent the opinion of the Campus Times Editorial Board.

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