Letter: GOP tax plans a bad break for families

The Tax Cuts and Jobs Act is not a “real relief for families,” as Dan Newhouse has stated.

1. This big tax cut will increase the deficit by $1.5 trillion. Fiscal conservatives should be upset. More debt will be added for future generations. Medicare and Social Security recipients should be worried. Reduction in their health care benefits and income would likely pay for the deficit.

2. The tax cuts will benefit the wealthiest tax payers and provide less revenue. Both the alternative minimum tax and estate tax are “designed to prevent taxpayers from escaping their fair share of tax liability.” The estate tax is on decedents’ estates worth between $5.49 million and $11 million.

3. Low and middle income tax payers will receive little or no benefits. State and local taxes are eliminated as a deduction. Property tax deduction is limited to $10,000. Student loan interest is no longer deductible.

4. Corporations will receive a tax break for the money they bring back. Money that is returned to the U.S. will be given to stockholders, not spent to buy appliances, cars and items that will stimulate jobs. Benefits do not trickle down.

Look carefully. TCJA is full of priorities that are detrimental to families.

This story was originally published December 8, 2017 at 5:11 PM with the headline "Letter: GOP tax plans a bad break for families."