Editor,
I have upper-middle income, yet am far from the 1 percent. The loss of federal tax credit for state and local taxes hurts me. My taxes will go up.
Editor,
I have upper-middle income, yet am far from the 1 percent. The loss of federal tax credit for state and local taxes hurts me. My taxes will go up.
I don’t mind paying taxes for government services like schools, hospitals, roads, bridges, health and safety inspectors, environmental protection and astronauts. But I am taxed more than should be because the top one percent of the top one percent isn’t paying their fair share. They have gotten tax exceptions written into the tax laws which enable them to amass most of this nation’s wealth. They benefitted from previous generations of taxpayers who built the physical infrastructure and social institutions that enabled them to become so wealthy, yet they feel little responsibility to return the benefit to future generations.
The extreme concentration of wealth distorts the politics of our democracy, impedes the function of our free-market economy and decreases our opportunities for “pursuit of happiness.” Republicans want to eliminate the estate tax and the alternative minimum tax that balance this inequality to a small degree. Excessive wealth amassed in one generation must be partially returned to the country rather than remain concentrated in hands of a few fortunate dynasties.
The tax plan proponents say that lowering taxes for the rich will create jobs. This is the trickle-down theory in which the poor, who subsist on table scraps dropped by the rich, can be served by giving the rich bigger meals. It is false and deceptive, and benefits only those who already have wealth and power.
Bruce Joffe
Piedmont
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(4) comments
Whoever wrote this screed against those with any wealth has not read much history or economics. This is classic Marxist theory. Granted this is what many believe will solve all our ills, if only we would vote for it. It is not the correct solution, never has been and never will be. It only ends in a more equal suffering for all when envy kills the human spirit.
You, the editor, are wrong. In spite of the high taxes and socialistic tendencies of the state government, I choose to live here just like you. However, I don't expect my relatives in Nebraska to subsidize the out of control spending habits of the California Democrat run state government. Enjoy living here and pay your fair share just like I am willing to do.
your taxes are going up Bruce because your state taxes are so high. Now the new tax proposals are taking away the loophole of being able to write those SALT payments against your federal taxes. My taxes are definitely going up like yours are, I blame Sacramento for our high taxes, not the new tax proposal. Granting folks in high tax states to write off state and local taxes hides the fact that they live in states that are poorly managed. Party is over, time to pay the piper.
The letter writer is spot on in his analysis. The steady 50-year trend of cutting taxes on the largest corporations and the wealthiest individuals, while simultaneously shifting the tax burden onto the middle and working classes, has been perhaps the most significant cause of our historic levels of inequality, stagnant wages, and dysfunctional government.
According to some analyses, the current Republican tax bill will raise taxes on around 50% of Americas at the same time that it massively reduces them on a fortunate few such as Trump himself. What we are witnessing is a slow-motion disaster. It will be devastating to local and national budgets. And, as with previous Republican tax cuts, it will do nothing to improve the functioning of the economy for the vast majority of people.
It is rare to come across a factually sound and well-reasoned argument on just about anything these days. So I thank the letter writer for going to the trouble to add his welcome voice to the conversation. If only there were more people who could see and think clearly about these and other issues.
Welcome to the discussion.
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