Dr. Craig West Speaks at General Meeting January 20, 2018
There were 230 Sun City Democrats Club members who gathered to hear Dr. Craig West, former economist with the Federal Reserve Banks of Kansas City and Chicago, spending 25 years in economic research, information technology and capital markets supervision.
Dr. West outlined the purposes of the GOP Tax Bill, the effects upon individuals, the effects on corporations, and the general punitive effects on the nation. Click here to view his presentation slides.
These punitive effects include the fact that employment incomes are taxed at a higher rate than income by proprietors and partnerships for the first time in history. Moreover, the claim that the bill will pay for itself is false. Also it is a partisan attack on states such as New York and California. It will increase inequality, according to Dr. West. Click here to view presentation slides.
Dr. West presented some possible fixes to these punitive effects: End or extend the estate tax. Don’t allow disguising wage income as corporate profits. Charge a small financial transaction tax—there is no social benefit to people transacting thousands of trades per minute. And lastly, expand the earned income tax credit for people making less than $18,340 per year so that they receive a wage subsidy.
President Trump signed the GOP Tax Bill (Tax Cuts and Jobs Act) into law on December 22, after it passed both houses of Congress. According to CNN (December 19, 2017), 55% of Americans oppose the bill while 33% are in favor of it.
The meeting closed at 11:00 a.m., just in time for 76 members to board two buses to join the women’s protest march in Austin.