To the Editor:
John Thorpe’s letter about the negative results of the just-passed Covid Relief Bill was a tad one-sided (“Bill will come due for overly generous Covid relief,” March 16, 2021). He claims that the aid money granted to American individuals and state and local governments is overly generous and we’ll be needlessly paying for this generosity for years to come.
Did Thorpe feel this way about President Donald Trump’s tax cuts in 2017? Let me remind him and others who are harshly criticizing this new relief aid that the Congressional Budget Office rated the 2017 Tax Cut and Job Assistance Bill as adding to the budget deficit back then. The nonpartisan CBO estimated that the 2017 Trump tax cut added $2.289 trillion to the national debt over a 10-year period. The New York Times (August, 2019) found that the “red ink” would rise from the “steep fallout” of government (federal) revenue from the Trump tax cuts. Why? Because those tax cuts (highly acclaimed by wealthy individuals and giant corporations) lowered both individual and corporate tax rates.
One more fact: The struggling middle and lower classes of Americans are the groups benefiting from the Covid Relief Bill. They will immediately spend that relief money, which instantly benefits our economy. State and local governments will use this money to replenish their coffers, which have been badly depleted by radically lowered tax revenues and radically higher expenditures for pandemic supplies.
Kathleen S. D’Amico