|Recently, the Trump-led GOP introduced a “tax reform” plan that will devastate younger generations and the middle class.
Though Trump and I both went to Wharton, one of the biggest differences in our education is this: I and fellow millennials after me were required to take ethics at Wharton. Trump’s unethical practices are hardly new, but today’s GOP Tax Plan hits a new low: cutting the heart and life out of young people and the middle-class to pour more money into the pockets of the ultra-rich and large corporations.
Twenty plus years of conservative trickle-down economic policy have left us with stock markets at all-time highs and interest rates at all-time lows. This means corporations are already flush with capital. Loopholes allow them to pay an effective tax rate of 18.5% Economic figures will suggest that the economy is doing well and growing with strong GDP figures and low unemployment.
However, those numbers don’t show you the real struggle young adults and working-class people are facing: underemployment. Millennials have been thrust into a working world, drowning in student debt, not being able to save enough money to buy a house, struggling to find affordable health care, and not being able to save for retirement. Now, the GOP has the audacity to eliminate state and local tax deductions from their federal filings with their new tax plan. 27% of District 22 filers use these deductions, and they will lose $2,743 on average from its elimination. The plan’s reduction on the mortgage interest deduction will put more middle-class people out-of-reach from buying a home. This will depress home prices, raise rents, and possibly make refinancing more costly for those with equity to pay for their children’s college in the future or use for retirement.
The GOP will position this as an investment in economic growth.
That’s a lie.
Investment implies they’re taking a risk.
Instead, this is daylight robbery.
We MUST increase our representation in government if we want our voices to be heard. Private sector companies and non-profits can only do so much for the common good. Government is where the rules are decided, and we must take action if we are to have an equal voice in our own future. We cannot wait to climb the ladder of local party politics.
It must happen, and it must happen NOW – because our economy and future depend on it.
Those lessons that I learned in ethics have been core to my professional career as a businessman, and will be core to my public career if elected to Congress. We must reduce the tax burden on the middle class – not increase it. I will fight against underemployment among millennials and other workers, ensure that large corporations pay their fair share, advocate for fair tax rates for the middle class, and ensure that our economy can lift all of us up.
I’m ready to fight for you in Washington, but I can’t do it without your support. If you’re ready to join me in fighting for what’s right, please consider donating $10 today.