The GOP added a last-minute perk to the $1.5 trillion tax reform bill which provides a multi-million-dollar windfall to real estate developers like President Trump, Trump family members, and others in his wealth class.
These folks will be able to take advantage of a 20 percent “pass-through” deduction in their income taxes. One economist estimated that this provision will cost the rest of us over $400 billion over the next 10 years.
In the meanwhile, Utah Sen. Orrin Hatch explained there is “no money” to extend the Children’s Health Insurance Program (CHIP), which officially expired Oct. 1. CHIP is a low-cost insurance program for 9 million children of low-income families who don’t qualify for Medicaid. The annual cost of CHIP, which was originally passed with strong bipartisan support, is reported to be $14.1 billion.
Lest we forget, there remains approximately one-third of the residents of Puerto Rico without power and, for some, no repairs in sight for the foreseeable future. But the story is old news and off the front page. Out of sight, out of mind.
If this is getting you down, remember you can always watch President Trump savor his only legislative win in his first year as he soaks up the sun and tees it up at Mar-a-Lago for the next few weeks.
What happened to the values I thought we all shared?
Robert K. Corliss
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Categories: Letters to the Editor, Opinion