Collins proposes an unreal tax relief plan for citizens
The title of Rep. Chris Collins’ Nov. 11 News column should be “Unreal Tax Relief.” We spend on average hundreds of billions more per year than we generate in tax revenue. Neither Republicans nor Democrats are doing anything to reduce spending.
A crisis looms as Medicare and Social Security trust funds drain down. Yet Collins enthusiastically supports this so-called “middle-class tax cut,” which conservatively adds $1.7 trillion to the deficit over the next 10 years. We are $20 trillion in debt now! Put this additional revenue deficit together with our current overspending rate and our national debt doubles in 10 years.
Collins would not run his companies this way. Why would he run the United States government in such a reckless way? Follow the money. It’s unclear how many middle-class families see any benefit, given that this plan strips away deductions for college loan interest, state and local taxes, large medical expenses and personal exemptions. It’s very clear, however, that very wealthy people will see significant tax reductions.
The special “business pass through” tax rate of 25 percent versus the top 39.6 percent individual rate, elimination of the Alternative Minimum Tax and elimination of estate taxes yield huge benefits to this group. If the intent was to design a tax plan most beneficial personally to President Trump, Collins and his precious donors, this one couldn’t be any more effective.
This plan is reckless for America. It’s dishonest for Collins to call this “middle-class” tax relief.
Richard W. Blake