U.S. Sens. Chuck Grassley and Joni Ernst are once again under self-imposed pressure to keep another bad campaign promise. Cut taxes to their millionaire and large corporate patrons.
As the details of the plan trickle out, it’s clear that the lion’s share of the benefits would go to the rich and powerful individuals and large profitable corporations with crumbs for middle-class families, farmers and small businesses.
The Republican plan would reduce federal revenue by $1.5 trillion over the next 10 years; a reduction that would necessitate cuts to bedrock middle-class programs like Medicare and Medicaid.
The plan is bad for Iowa. It also ends the successful wind energy tax credit that has resulted in more than 6,000 Iowa jobs.
The plan is more failed trickle-down economics. Give rich people and large corporations tax windfalls and hope their benevolence comes your way. The reality is that businesses and the economy grow when there is more demand from more customers. This plan does virtually nothing to increase this demand by putting more money in the paychecks of hardworking Iowans to spend on the things they need and want.
This campaign promise deepens economic inequality, is immoral and bad economics. Reject it.
Editor’s note: Bolkcom, a Democrat, serves in the Iowa Senate