Letter: An underwhelming effort at tax reform
To the editor,
The "big tax cut" is so underwhelming it is hardly worth mentioning. Take a look at the numbers provided by Mark Thiessen's column in the Herald on Dec. 27.
Americans making between, $48,000-$86,100 will get an average tax cut of $1,090. This is true. Or in actual terms, 0.016 of their total taxes. (He doesn't specify whether this is payroll tax withholdings or end-of-year tax returns.)
The next income bracket is between $86,100-$149,400. They will get an average tax cut of $2,070. Also true. Actual terms: .0175, of their total taxes. (It's curious that the more you earn, the less you pay.)
This is nothing to write home about — especially when defense continues to rule the budget and deficits caused by the tax cuts will be paid for with Medicare money that we have been paying for our whole working life. Yet the big guys and corporations get to keep more of their money than the lessers. What a crock.
How about everyone getting a 20 percent tax break? The average income mentioned at the start would look like this: $67,050x.20=$13,410 tax break. Now that would put some money back into the economy — not sitting safely tucked away in some offshore bank account.
I am calling on our senators and representative to do an honest revision of this bill. This is a cover screen for bigger guys than me.