To the Editor:
Think the new proposed tax bill will help you?
Corporations can deduct local and state taxes and you CANNOT.
Corporations can deduct more than $10,000 in property taxes and you CANNOT.
Corporations can deduct all moving expenses and you CANNOT.
Corporations can deduct all business expenses, but school teachers cannot deduct a single nickel for buying pencils and paper for students.
Under the proposed bill, you cannot deduct alimony payments.
If you wish to sell your house and keep the gains, you need to have lived in that house as your primary residence for five of the prior eight years. It used to be just two years.
Want to further your education? You cannot deduct those expenses anymore. If your employer gives you assistance for your schooling, you must NOW include this as taxable income.
If you have student loans, forget about deducting those interest payments.
If your employer provides any assistance to you for child care, you will NOW have to add that to your taxable income.
We are told that we will get a big tax break with this plan. However, if you have children, you will actually pay more taxes. If you don’t believe this, just ask your tax preparer.
Oh, by the way, you will no longer be able to deduct the tax preparer’s bill. Gary Cohn, White House economic adviser, said, “The most excited group out there are big CEOs, about our tax plan.”