In Wednesday’s Daily Journal, a letter writer stated that the only people Donald Trump reduced taxes for were his wealthy friends. In fact, when the tax cuts were enacted, the income tax rates were reduced for all brackets. The lower income tax rate was reduced from 15% to 12%. The next income level was reduced from 25% to 22%. In addition, the standard deduction was raised from $12,600 to $27,700. These apply to taxpayers who are married and file jointly. Just the increase in the standard deduction times the reduction of the tax rate would cause an increase of $450 to one’s tax bill. Add in the increased tax rate of 3% times the taxable income and there would be a large impact on the middle class.
President Biden declared if reelected, he would let the tax cuts expire. That would affect all taxpayers including the middle class, which would see a tax increase. He has conveniently not mentioned this and the press has let him slide. So much for his vow that no one earning under $400,000 would not see an increase in their taxes.
Math is hard for some people. Thanks for your letter, Mr. Cook, highlighting the effectiveness of Trump’s tax cuts (the same conclusion reached by many individuals and tax analysts now that Trump’s tax cuts have been in place for a while). I’d also like to add that in addition to reducing taxes for just about everyone, tax preparation time has been reduced for just about everyone. Why itemize if you know the standard deduction is much higher than your itemized deductions. Biden would let tax cuts expire and chances are that Harris will too. Vote for Trump to keep your tax rate low and potentially lower when Trump Makes America Great Again.
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Math is hard for some people. Thanks for your letter, Mr. Cook, highlighting the effectiveness of Trump’s tax cuts (the same conclusion reached by many individuals and tax analysts now that Trump’s tax cuts have been in place for a while). I’d also like to add that in addition to reducing taxes for just about everyone, tax preparation time has been reduced for just about everyone. Why itemize if you know the standard deduction is much higher than your itemized deductions. Biden would let tax cuts expire and chances are that Harris will too. Vote for Trump to keep your tax rate low and potentially lower when Trump Makes America Great Again.
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Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
Be truthful. Don't knowingly lie about anyone or anything.
Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
Anyone violating these rules will be issued a warning. After the warning, comment privileges can be revoked.