With tax plan, Collins, Reed are Robin Hoods to the rich
Thank you, thank you, thank you, Messrs. Collins and Reed for being Robin Hoods to the rich.
I used the new convoluted GOP tax code to re-do my taxes for 2016, and guess what? My tax bill increased by 15.78 percent. Where you generously give a $12,000 increase in the standard deduction, you take away $8,100 from personal exemptions, for a $3,900 net gain. BUT!!! The minimum tax rate will increase from 10 percent to 12 percent. Twelve percent of a lower taxable income is still higher than what your generous gift of $3,900 does, and which will disappear like magic in 2025.
How clever of you to decrease the corporate tax rate from 35 to 21 percent and make it permanent, knowing that the extra little gift you give to the small guys will be spent to increase the earnings of the corporations. How many corporations and mutual funds are you invested in? One, two or 150?.
Do us Social Security recipients a favor next year, don’t give us a raise which Medicare payments delete from our checks. Just keep the cash for your Corporate Welfare recipients who donate more to your coffers than us old people.
Daniel S. Kopec