In our countdown of the Top 5 Ways Tom Reed has hurt NY’s 23 district, #1 will have consequences for years to come.
This year, Tom Reed doggedly pursued, drafted, championed, and passed a tax bill that permanently cuts taxes to the wealthiest Americans and corporations. It will add on $1.4 trillion to the national deficit and launch massive cuts to critical programs, like Medicaid, Medicare, and Social Security. It will widen the already startling income inequality gap so that the rich will get richer and the poor will only get poorer. This bill was a Christmas gift to the wealthy, as the President remarked and major non-partisan economic and labor organizations have affirmed.
Further, NY state will be among the hardest hit in the U.S., with caps set on property tax deductions. Out of state Republican lawmakers have crowed about how businesses will flee NY state even more now because the bill is so brutal to New Yorkers. The bill is also based on failed economic principles that somehow the wealthy will past on any financial gain to their workers. Any boost individuals may see in their taxes are only temporary, but the negative consequences will be lasting.
You do not grow an economy by making the rich richer. You grow an economy by empowering the middle class. They are the ones who drive the economy and build new businesses. Tom Reed’s role in this bill was yet another sign he will always side with his corporate donors over his constituents.