British Prime Minister Liz Truss attempted to cut taxes on the wealthy and corporations in the current economy and plunged her party into disarray that led to her resignation.
During her resignation letter, Truss said:
I took office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putin’s illegal war in Ukraine threatens the security of our entire continent, and our country has been disrupted for a long time by low economic growth.
I was elected by the Conservative Party with a mandate to change this. We’ve delivered energy bills and National Insurance cut-outs. We have set out a vision for a low tax, high growth economy that benefits from a free Brexit.
I am aware, however, that given the situation, I cannot carry out the mandate that I have been elected by the Conservative Party. So I spoke to His Majesty to inform him that I am resigning from the presidency of the Conservative Party.
House and Senate Republicans plan to follow gear and cut taxes on the wealthy and corporations
What Truss did was a massive plan to cut taxes on the wealthy and businesses in the UK that would have sent the economy even further down.
In the US, Mitch McConnell and Kevin McCarthy plan to hold the economy hostage if their party regains control of the House and Senate for President Biden’s ransom to make Trump’s tax cuts for the rich and corporations permanent.
Economists agree that cutting taxes on the wealthy and corporations at this time would raise inflation and push the US economy into recession.
Truss’ stunning failure as prime minister is a lesson for Republicans in both the House and Senate. Cutting taxes on the rich and corporations at this time is a bad idea that only the state will reject and defeat the Republicans.
Mr. Easley is Managing Editor. He is also a White House Press Correspondent and Congressional Correspondent for PoliticusUSA. Jason holds a BA in Political Science. His graduating work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Association of Professional Journalists and the American Political Science Association
Originally published at San Jose News Bulletin
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