Trump tax plan no good
Donald Trump says his tax overhaul plan would help middle-income Americans, but it especially helps the wealthy, people like himself. A closer look at some of the claims Trump made in unveiling his tax proposal will bear that out.
Trump claims “It reduces or eliminates most of the deductions and loopholes available to special interests and to the very rich. In other words, it’s going to cost me a fortune.”
But does it? Trump doesn’t specify which deductions and loopholes he plans to eliminate and has yet to release any of his own tax returns. His self-estimated net worth is more than $10 billion. Trump would pay 25 percent, instead of the current 39.6 percent on any income in excess of $413,200. An income statement he released reported his 2014 income as $362 million. A very rough estimate would be that at the current 39.6 percent level his taxes on income in excess of $413,200 would be about $144 million but under his 25 percent proposed rate his taxes would decrease to about 90 million, a cool $54 million personal savings.
A tax and accounting professor at San Diego State University said that as a group, Americans who are making more than $200,000 a year would pay $400 billion to $500 billion less in taxes annually under Trump’s plan. That would only increase our national debt and by law taxes collected must pay interest on that debt, siphoning money from our crumbling infrastructure like decrepit bridges and roads.
Trump claims… “And all of this does not add to our debt or our deficit.” Several tax experts, even those who like Trump’s reduction in rates, said his plan appears unable to do as he predicts. Martin Sullivan, chief economist at a nonprofit tax analysis group and a former expert at the Congressional Joint Committee on Taxation, said adopting Trump’s plan without increasing the deficit “doesn’t look possible.” Many advocates of tax cuts argue they pay for themselves by boosting economic growth. Not true. Ryan Ellis of Americans for Tax Reform, a low-tax advocacy group that Trump consulted as he developed his proposal, said Trump’s cuts are so large that won’t happen even under the most optimistic scenarios. “It just doesn’t square up,” he said.
Trump said the tax drop could lure back U.S. corporations that have relocated abroad, and help return the $2.5 trillion that Trump says American businesses have parked overseas. That’s what really happens to bloated profits. They end up in banks in Switzerland and Cayman Islands. “As an example I have millions of dollars overseas,” Trump said. Maybe he could set an example and invest some of those millions in the U.S.A.
Mel Flitter
Somerton
Jim Kenney is wrong on vouchers
In his interview, Jim Kenney proudly declares himself a product of the Philadelphia parochial school system. Yet he refuses to mention the financial plight which threatens the existence of that system, which has educated thousands upon thousands of Philadelphia citizens at a far lower cost then the public schools.
Mr. Kenney states, “Vouchers don’t work.” Period! He presents no evidence or explanation to back his declaration, but simply dismisses vouchers with a wave of his hand.
If he were honest, he would acknowledge the use of vouchers in a growing number of states, and admit what a magnificent contribution they provide for the education of our children.
In particular, they would offer a lifeline to the parochial school system which Mr. Kenney so proudly touts as a key factor in his own growth and development.
Hershel Barg
Rhawnhurst
Democrats are killing Philadelphia
Until the Democratic Party is removed from power, the city will continue its downward spiral. That’s not to say the Republicans will do any better.
Both parties should realize their tenure will be short lived if there are not positive results. This goes for mayor, council and any other elected offices.
You must vote Republican for each of these offices and only when they are elected can we see progress. If they don’t work out, let’s throw them out at the next election. We need to keep turning them over until somebody in office realizes it’s not what they want but rather what we want that matters!
Joe Orenstein
Bustleton
