Tax bills deepen income inequality

Editor:

Regarding the GOP tax bills, the nonpartisan Tax Policy Center estimates the top 1 percent of taxpayers will save over $48,000/year while middle class taxpayers gain about $1,200/year on average. Some will see taxes go up, and middle class benefits expire after 2025.

The bills benefit the wealthy by (1) cutting corporate rates by almost half, (2) lowering the top income tax rate, (3) eliminating the estate tax and (4) including a “pass-through” provision which mainly benefits the top 1 percent of taxpayers.

The GOP proposal pays for these gifts to the wealthy by eliminating: state and local income tax deductions; property tax deductions (hurts schools); medical expense deductions (hurts the elderly); heath care subsidies (hurts 13 million Americans); student loan interest deductions. The GOP would also tax student scholarships and let middle income tax rate cuts expire after seven years.

Still, the GOP plan adds over a trillion dollars to the debt, which Republicans plan to use to justify cuts to Medicaid, Medicare, Social Security and other safety net programs.

The GOP bills, supported by President Trump, U.S. Sen. Steve Daines and U.S. Rep. Greg Gianforte, are thinly veiled plans to enrich themselves and their super-rich donors while providing only modest temporary benefits to the middle class. By 2027 all taxpayers earning less than $75,000 will see increased taxes. Please let your GOP representatives know this super-rich giveaway masquerading as a middle class tax break is a complete sham.

Barbara Moore Prager
Clyde Park
 

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