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Monday, 13 November 2017 14:44

Will tax reform bill really benefit you?

Written by  Staff Writer

To the editor,
“There you go again!” Words made famous by Ronald Reagan during his debate with Jimmy Carter. I’m using those same words to describe the GOP’s recently unveiled tax “reform” bill. The proposed plan comes with a $1.5 trillion deficit price tag. “There you go again” spending money we don’t have.

There is no trickle down. It has been tested before and those experiments failed. Consider what happened after the tax cuts were passed under Reagan and George H.W. Bush. The deficit exploded, services were cut and recessions dominated our economy.

Fifty percent in an ABC News/Washington Post poll oppose the plan while 33 percent support it. But Speaker Paul Ryan and his Republican allies are going full steam ahead because they must appease those wealthy donors who fund their campaigns.

I challenge you to take the time to see how this bill will affect you. Go to your last year’s federal tax form and do the math. When Ryan stands before me with a smile and promises me an average tax break of $1,182, I’m going to tell him, “There you go again!” I would be paying $587 more in federal taxes under his plan.

By 2025, 99.6 percent of the tax cuts would benefit the wealthiest 1 percent of Americans. They would receive an average savings of $240,000. We haven’t seen the tax forms from our current president. How would he personally benefit from his own tax reform package? “There you go again!”

Steven Doelder
Village of Bloomfield

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