The Impact of Trump's Financial Policies on the Middle Class and Disadvantaged Programs

President Trump is positioning to cut corporate and wealthy taxes once again, leaving the middle class to bear the financial burden. This policy comes amid concerns over programs that help the disadvantaged, with fears that these programs may be slashed further. Will this course of action be acceptable?

Recent data reveals that the top 1% of the wealthiest individuals and corporations in the country make up over 40% of all tax revenues collected. Historically, when President Trump enacted tax cuts during his first term, companies paid less in taxes and invested in new equipment, leading to business expansion, increased employment, and higher raises for employees. My personal experience as a truck driver is a prime example. Before Trump, I hadn't received a raise in 8 years, while doing the same job at the same company. With a tax break, I was put into a brand-new truck, and the company bought a significant amount of new trailers. This led to an increased demand for vehicles and trailers, providing more business for manufacturers. In the four years of Trump's first term, I received four generous raises, amounting to an additional $20,000 per year. This made a significant difference in my standard of living, and my 401k nearly doubled in value over those four years.

Some argue that under Biden, food stamps have already been cut for unemployed individuals, leaving even less for Trump to cut. However, this view overlooks the broader impacts on the middle class. During Trump's first administration, I, as a middle-class individual, not only had more money but also lived better than I had for years. The tax cut particularly benefited the middle class, with families saving around $1,700 annually. Trump is committed to extending these benefits, and making Social Security payments tax-free for seniors will further help them secure their future.

The argument for reducing corporate taxes is also compelling. Currently, U.S. corporate tax rates are not competitive with even those in Europe, creating an incentive for companies to move their operations elsewhere, taking jobs with them. Trump’s proposal to give tax breaks to corporations moving manufacturing back to the U.S. is seen as a positive move. While some may argue against this on the grounds of increasing income inequality, the truth is that wealthy individuals benefit most from such measures, as they often have the means to invest and expand their businesses. In the first term, the middle class received the largest chunk of tax cuts compared to higher-income individuals.

Regarding the cutting of programs that help the disadvantaged, the current trajectory is concerning. With government costs placing a significant financial burden on the middle class, further cuts to public programs could exacerbate social inequalities. It's crucial to strike a balance between reducing unnecessary spending and maintaining essential services for those in need. The middle class, who are already shouldering a substantial portion of the financial burden, cannot afford additional cuts. Maintaining a reasonable number of government workers is vital to ensure these essential services continue to function.

Ultimately, the reevaluation of Trump's tax policies and the potential cuts to programs that help the disadvantaged are complex issues that require careful consideration. While the Lower tax rates have undoubtedly brought about some short-term benefits, it is essential to also consider the long-term impacts on social equity and the well-being of all citizens.