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Letter: Tax bill gives middle class the shaft

The Republican tax cut bill reminds me of the song, "She got the gold mine, I got the shaft." The bill reduces corporate taxes from 35 percent to 20 percent even though the average rate that corporations pay is around 18 percent after deductions, according to MSNBC. This is competitive with other nations. If the rate is lowered to 20 percent with most of their previous deductions in place, there is nothing in the bill that requires corporations to reinvest the savings in the United States. They can invest it in foreign manufacturers, or they can distribute it to CEO pay and shareholders. Trickle down economics is tinkle on economics for the middle and lower income Americans. Eighty percent of the tax benefit goes to the top 1 percent over the next 10 years. Corporate tax cuts are permanent while middle and lower income tax cuts are not. The Republican tax bill will slash $25 billion from Medicare, according to the Congressional Budget Office, to pay for tax cuts for the wealth y.

Donald stated that passing the Republican tax plan is a Christmas gift to middle and lower income Americans. He lied. The proposed plan doubles the standard deduction, but you lose your personal exemptions worth about $4,050 each. You lose your deductions for state and local taxes including real estate taxes. Some middle class taxpayers will lose their home mortgage deduction. If you are a teacher, you can no longer deduct supplies you buy out-of-pocket for your students. You lose your deductions for medical expenses. This hurts the elderly and others with high medical expenses. The interest on student loans will be eliminated as a deduction This is nothing more than a "Rob Peter to Pay Donald plan."

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Do the math. You get a double standard deduction, but lose just about every other exemption and deduction. Many middle and lower income taxpayers will pay higher taxes to further enrich the wealthy. It adds trillions to the deficit and national debt to be paid for by your children and grandchildren. Donald and his family will make hundreds of millions more with the elimination of the alternative minimum tax, the estate tax and lucrative tax breaks for real estate developers. If Congressional Republicans pass this tax bill, Donald, his family, and his billionaire cabinet will get the gold mine for Christmas while you get the shaft.

David J. Iacono

Westminster

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