When most people hear about the tax reform, their eyes glaze over. But the decisions that Congress makes about taxes are moral decisions with enormous consequences. If you want to know about the values and priorities of a nation, just take a look at that nation’s tax code.
The tax reform bill before Congress is as irresponsible as it is immoral. This legislation features $1.5 trillion in tax cuts that are not paid for (although some estimates are closer to $2.4 trillion). That means racking up huge deficits and growing the national debt, which, before long, Congress will try to pay down by slashing vital programs like Social Security, Medicare, Medicaid, and more.
Worst of all, 80% of the benefits from this tax cut will go to corporations and the richest 1% of Americans. In fact, more than a quarter of the middle class will see a tax increase. Whether it’s by cutting programs that millions of Americans depend on, or by directly increasing their taxes, Congress is considering a massive giveaway to the wealthy and asking the rest of us to pay for it.
A moral tax code calls each person and business into a shared commitment to support each other, with those who have received much expected to contribute the most. Such a plan would improve our nation’s capacity to meet society’s needs while securing a healthy economy that works for everyone.
Our tax system should support investments in people—all people—and it should finance a faithful budget that fosters economic opportunity and honors each person’s dignity.