GOP Tax Proposal–Not Good for Coral Gables
November 8, 2017 1 Comment
Coral Gables is no just a city of wealthy people. Indeed, the rich relatively make up a small part of the city and there is strong middle and upper middle class professionals. The GOP tax proposal (as currently circulating) has bad features for the middle and upper middle class.
Many will pay more taxes in the future. Graduate students at UM will have to pay for their tuition and research benefits as income. Student borrowers will lose their interest tax deduction. There are residents who get Medicare and Medicaid will lose benefits in the future.
All of these higher taxes and lost benefits will shift to the very rich and the owners and management of big corporations.
A huge increase in government deficits will certainly lead to a trend of higher taxes and interest rates in the coming years. Increase deficits will certainly cause an increase in inflation unless the Federal Reserve raises interest rates.
Do we really want to keep increasing the big gap the middle class and working poor and the uber-rich: this is not good for the long-term well being of the city. It will be hard to sustain a strong community that represents us all.
About Stephen E. McGaughey
Coral Gables Watch 
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Sandra I. Murado, Attorney
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