Passing GOP tax reforms a likely Pyrrhic victory

President Trump, Senate Majority Leader McConnell, and House Speaker Ryan have all but declared a major political victory with the passing of GOP tax reforms, but are now considering revisions, ("Sources: GOP leaders may shrink corporate tax cuts," Business, Dec. 7).

For all intents and purposes, as of today, the GOP reforms overwhelmingly help the wealthy and are most likely to prove a net negative for almost everyone else.

The $1.5 trillion in the national debt over a decade due to the reforms' current tax cuts would no doubt be used as a rationale to make draconian cuts in investments in welfare, education, health care, and other popular social programs. Slashing these investments that primarily benefit the non-wealthy will weaken America's overall economy as well as stunt its future prosperity.

Unless substantial changes are made, passing the current widely unpopular tax reforms will bode for unprecedented voter backlash in upcoming elections, likely proving its passage to be a Pyrrhic victory

Frank G. Splitt

Mount Prospect