Letter: The real winners

Tuesday, December 12, 2017
The real winners

Donald Trump recently tweeted: “With the great vote on Cutting Taxes, this could be a big day for the Stock Market – and YOU!”

So who is this “YOU” he is talking about?

Yes, the S&P is up about 17 percent and the Dow is up about 22 percent since he took office, but whom does this really benefit? How about mostly wealthy people.

Stock ownership varies dramatically by income level. Among filers who make less than $25,000 a year, only about 8 percent own stocks. Meanwhile, 88 percent of those making more than $1 million are in the stock market. But just who benefits from those numbers? How about mostly wealthy people.

States with the wealthiest populations, such as Connecticut, Massachusetts and California, tend to have higher rates of stock ownership. Meanwhile, states with the poorest populations, such as Mississippi, Alabama and Tennessee, have the lowest rates of stock ownership.

So not only does this tax cut benefit the rich more than the middle class, it benefits the states that did not vote for Trump and hurts those states that did vote for him: “Make rich great again!”