To the Editor:
Remember when the Supreme Court said that corporations were people, too?
The proposed tax cut bill certainly refutes that.
The new corporate tax rate of 21 percent will be permanent.
Yours will expire in 10 years and then rise so you can help pay for the huge deficit this proposed tax cut will cause.
Corporations will continue to pay less while you will wind up paying more. You will no longer be allowed to deduct local and state taxes, but they will.
You will no longer be allowed to deduct moving expenses, but they will.
You can’t deduct payments to tax preparers, but they will.
You won’t deduct losses from fire, storms or thefts, but they will. Thirteen million will lose health care and premiums will rise a minimum of 10 percent yearly.
Make less than $10,000? Only 1 percent of the population will get a tax cut.
$40,000-$50,000 —12 percent get a cut.
$50,000-$75,000 —14 percent get a cut.
Make more than $1 million and 61 percent get a cut.
Think that corporations will increase wages and hiring if they get to bring back their overseas billions for a 14 percent tax rate?
The 15 companies that did this same thing for the 2004 tax break cut more than 20,000 jobs and decreased the pace of research spending.
Now, businesses say they will plan more automation because labor is too expensive.
If the tax cut bill passes, Paul Ryan’s next focus will be your Medicare, Medicaid and Social Security.