If anyone needs a tax break, it's the working stiff, not the rich corporate executive or stock speculator. There would have been nothing left over to pay down the federal debt or to strengthen Social Security and Medicare. And make no mistake about it, Social Security and Medicare need strengthening. Medicare needs a prescription drug component. Too many retirees cannot afford the exorbitant prices drug companies charge for maintenance drugs to control such conditions as high blood pressure, arthritis, and Alzheimer's disease.
Few people make it to retirement without needing regular medication of some kind.
Too often they are forced to choose between drugs and food. We also need to ensure that money is set aside for Social Security. In about 15 years, as the baby boomers begin retiring in large numbers, Social Security will no longer be taking in more than it pays out. It will begin paying out more than it brings in. We need to take steps now to meet that eventuality.