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Re: 'Affordable Care Act – revisit absurdum' [Village News, Miller letter, 7/25/19]

 

Last updated 8/5/2019 at 12:42pm



Under the aegis of “Obamacare,” I have MediCare and a basic MediCare Advantage plan: works for me. I think of it much as I do my earthquake insurance: I hope I never have to file a major claim, but it’s comforting to know I can and not be bankrupted.

Regarding President Donald Trump’s trillion dollar tax cut for the wealthy. It had the expected result: a corresponding reduction in federal revenue. The trickle-down is estimated to have been about 6%. The cut was also intended to boost employment; it didn’t because most of the bonanza went into stock buybacks, boosting stock prices. Works great for people who own lots of stocks. Some funds went into development of increased automation, another big “job booster.”

The reality check is established corporations are not the real job creators; most are just job maintainers. Small business, especially in the early startup phase, is where the action is.

Regarding the maligned and abused wealthy elite, read these articles: “Jeff Bezos Is Already $40 Billion Richer This Year – While the Typical Amazon Worker Has Made Just $12,000,” from Money 2018 and remember that Bezos is the CEO; “CEO Pay Skyrockets To 361 Times That Of The Average Worker,” from Forbes 2018 and remeber that in the 1950’s the ratio was about 20 to one; “60 of America’s biggest companies paid no federal income tax in 2018,” from http://www.cbsnews.com and can anybody guess what that makes their effective tax rate?

The preceding three headlines can be used on Google to access the supporting articles.

John H. Terrell

 

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