Reed does not stand with average families
In a recent opinion piece in The Buffalo News, Congressman Tom Reed touts the benefits he says will accrue to the average taxpayer under the new Republican tax bill called “The Tax Cut and Jobs Act.” Reed loudly proclaims, “I stand with the 99 percent.” No, Mr. Reed, you do not stand with the 99 percent.
According to a New York Times analysis and also the Institute on Taxation and Economic Policy, nearly half of all middle-class families will pay more in taxes in 2026 if the proposed House tax bill becomes law and about one-third would pay more in 2018. Millions of middle-class families, particularly those with children, would see an immediate tax increase. The bill eliminates the deductions for state and local taxes, interest on student loans and huge out-of-pocket medical expenses.
Of those tax cuts that would benefit Americans, nearly a third would go to the richest one percent in 2018, and by 2027 that fraction would rise to nearly half. The bill calls for the repeal of the Alternative Minimum Tax (AMT), which means that some wealthy taxpayers, like our illustrious president, would pay little or no taxes if the repeal of the AMT is not coupled with elimination of the many special breaks and loopholes that it limits.
Congressman Reed, you do not stand with the 99 percent. You stand with a morally bankrupt Republican party that enables an unfit, sociopathic and pathological liar of a president who cons the average American in order to enrich himself and his mega millionaire and billionaire cronies.
Richard W. Kirisits