It’s time to talk about what really happened with last year’s federal tax cuts:
- How some of the richest Americans got a big break.
- How the rest of us got stuck with a government that’s deeper in debt—$2 trillion more debt over the next 10 years.
- How we are now less able to pay for things our rural communities really need for economic growth, such as infrastructure.
And wouldn’t it be nice to have broadband, which West Virginia desperately needs for its economy to grow? Sorry —we can’t afford it. We gave all that money away.
This reality doesn’t match up with the bill of goods we were sold.
We were told tax cuts would create growth. We were told this growth would more than offset the tax revenue that was lost, revenue that funds critical services such as public schools and rural development.
Actually, according to the Congressional Budget Office, the growth from the cuts only offset 5% of the losses. Few benefits trickled down to us ordinary West Virginians. And the growth that did happen is already starting to go away, as we near a recession.
Our leaders in the West Virginia legislature have been using this same trick at the state level. This year, House leaders tried to cut state income taxes in ways that would have mostly helped the wealthy. These cuts would have gutted the state budget, crippling our ability to invest in real economic development.
It’s time for honest leadership that will defend our freedom to grow and thrive, instead of selling us bad deals and fake economics.