TRUMP: Beware U.S. debt

The U.S. government currently spends $1.23 for every $1 it receives. Our national debt is approaching $21 trillion. The interest on $20 trillion, at 2.5 percent, is $500 billion annually.

President Trump is proposing “the largest tax cut in history.” The present corporate tax rate of 35 percent is too high; however, cutting it to 15 percent in one step may add $3 trillion to our national debt over 10 years, as reported by PBS and ABC.

Allow Apple and other multinational corporations a reduced tax rate of 20 percent on overseas profits, if they pay their back taxes within 90 days and reinvest in America. We should not pass judgment on President Trump’s proposal until his whole plan is released to the public. Time will tell if he has deceived his base.

We need to improve infrastructure, cybersecurity, education and scientific research without creating more debt. Our infrastructure should not be privatized. More people will be receiving Social Security and the percentage of those paying into the system will decrease. How do you fund these obligations by lowering taxes?

The trickle-down philosophy of the Reagan Administration added more than $3 trillion to our national debt. Trump seems to be following the same philosophy. If history repeats itself, we will incur more debt. I have more faith in Warren Buffett’s plan to close tax loopholes and reduce corporate welfare. Congress should set the budget, tax accordingly, and govern within the budget.

LEONARD BRANT

Post Falls