The column below reflects the views of the author, and these opinions are neither endorsed nor supported by WisOpinion.com.
Trump’s “big, beautiful bill” will give more than $1 trillion in tax giveaways to the richest 1% and be the largest wealth transfer from the poor to the rich in U.S. history. To pay for this tax cut for the rich nearly 14 million people will lose their health insurance. Almost 11 million people who need “food stamps” to feed their families will go hungry.
This is being done by Republicans in Washington to only partially pay for these tax cuts that they are extending from 2017. This will harm most Americans and leave the country in a far worse fiscal trajectory by adding trillions to our deficits. Monies are shifted from the sick and hungry to the wealthiest among us.
Our nation has 23,700,000 millionaires and 813 billionaires, up from 13 billionaires in 1982. We have the most billionaires globally; with a combined wealth of $6.22 trillion. These billionaires have seen their riches increase dramatically in recent years. Musk by over $160 billion in just one year and Bezos by $91 million in four years.
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Trump’s tariffs are the highest in nearly a century and will cost the typical household more than $2,300 a year. The higher prices are merely a matter of time as Walmart and others cannot “eat tariffs” and remain profitable..
What has driven rising deficits are the Bush and Trump tax cuts which have added $9.7 trillion to our debt. Republicans continue to refuse to tax the wealthy and corporations at levels seen in other developed countries. If the U.S. taxed at levels of European nations it would have an additional $36 trillion in revenue.
Trump’s “big, beautiful bill” is a massive transfer of wealth from ordinary Americans to the top of American society. As always the working and middle class pay the bill and get nothing in return except higher prices and less well- being.
Wisconsin’s two most prominent billionaires, Diane Hendricks, ABC Supply and John Menard Jr., Menards have combined wealth north of $43 billion. Is there any way tax cuts for this wealth will make life better for us in Wisconsin?
The rich have more than enough and this country has rewarded them handsomely. Better to pass a wealth tax on those at the top and share the prosperity with all of America.
Hanson, of Elkhorn, is a member of the Walworth County Democratic Party.
