12/7/2017 8:51:00 AM Tax cuts benefit corporate donors
To the editor:
I wish to ask Rep. Jason Lewis how decisions to roll back environmental, consumer and other protections will help his constituents; and to tell him that the proposed tax "reform" will NOT help me, an older retiree. It will, however, benefit his corporate donors.
Corporations rely on publicly educated employees, public roads and airways, public facilities to take and/or manage their waste, natural resources, etc., yet will be allowed to dramatically reduce their contributions (taxes) to public services and resources. According to an IRS Table of Corporate Tax Rates from 1909-2002, the rates from 1951-86 ranged from 46-52.8%. The current rate is 40%, but the actual rate for most large corporations is under 15%. Expenses of doing business are deductible, including local and state taxes. There is no requirement that they produce x number of jobs, increase salaries for low wage workers or cap the salaries of executives. The mantra, "socialize the costs and privatize the profits" is alive and well. In the meantime, who picks up those costs?
Individuals will no longer be able to deduct local and state taxes on federal returns. Nor will we be able to deduct medical expenses. Seniors on fixed incomes are most vulnerable, along with those individuals with chronic disease, cancer, and/or disabilities whose expenses may be many times the proposed individual deduction of $12,000. Most of us with low to middle incomes will not benefit from the current proposal.
Rep. Lewis limits personal contact with his constituents, so the best we can do is call his office and respectfully explain our concerns to staff. I did.