President Trump will reward the wealthy

After an Aug. 8 speech to the Detroit Economic Club, the Daily Herald's headline read "Trump and the GOP are 'in sync' on tax cuts." Be afraid, voters, be very afraid when the GOP is in charge of tax cuts. The results are historically disastrous.

Al Gore warned us during the 2000 debates that George W. Bush's tax cuts would go to the top 1 percent. After President Bill Clinton left office, with a budget surplus expected to last a decade, the Chairman of the Federal Reserve, Alan Greenspan, advised Bush not to pay down the debt too quickly. Ha! Bush had no intention of paying down the debt at all. Take note, all who moan about our crippling national debt. We cannot pay down debt without a budget surplus, when the revenue is greater than the expenditures. Bush took that surplus revenue and gave it to the 1 percent in the form of tax cuts … twice. He left the country and Obama with a massive deficit in 2008.

During the Obama presidency, the Bush tax cuts expired, which restored the upper tax bracket to Bill Clinton levels again. The Republicans in Congress tried to extend the Bush tax cuts, which would have extended the deficit spending, but they didn't have the majority of the votes or a president who would have signed off on extending the tax cuts. With the increased revenue from the top tax brackets, Obama has managed to cut the deficit that he inherited by two-thirds.

President Trump will reward the already wealthy, who have not suffered at all under Obama. President Hillary Clinton's tax plan and a Democratic Congress will continue the march to a surplus budget and debt reduction, which will increase economic benefits to the middle class.

Diane Niesman

Wheaton