To the Editor:
We used to think that this country was for the people, by the people and of the people. Wrong. Now it’s for the rich, by the rich and of the rich.
If you think the current tax reform is actually reform, you got conned again. It is a tax cut for the super-rich. The plan is to do away with deductions for local and state taxes, your property tax, even your 401K retirement contributions. Currently, the lowest tax rates are 10 and 15 percent. They want to increase your rates to 12 and 25 percent.
The corporate tax would be lowered from 35 to 20-25 percent. We are told these corporate savings would trickle down to more jobs and increased salaries.
Try to find any Fortune 500 company that pays anywhere near 35 percent. Microsoft’s 2016 tax rate was 16.5 percent. Google had a 19 percent tax rate. General Electric paid NO taxes and instead got a $400 million rebate.
To help offset this $2.5 trillion addition to the national debt, there will be massive $1.5 trillion cuts to Medicare and Medicaid.
Trump said “And the rich will not be gaining at all with this plan.” However, the Tax Policy Center says “Tax collections would shift dramatically from businesses to individuals.”
The rich get richer and you/we lose.