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Don’t hike taxes on middle class: Letter to the Editor

Posted 11/1/17

Dear Sen. Pat Toomey: How are you going to pay for the tax cuts?

Please do not raise taxes on the middle class.

Many of us in the middle class make heavy use of the deduction for state and …

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Don’t hike taxes on middle class: Letter to the Editor

Posted

Dear Sen. Pat Toomey: How are you going to pay for the tax cuts?

Please do not raise taxes on the middle class.

Many of us in the middle class make heavy use of the deduction for state and local taxes.

It appears the tax bracket reconfigure is a giveaway to the rich. Add the additional bracket; keep it at the current 39.6 percent rate.

 The economy is doing fine. You need to make sure low- and middle-income people have more money to spend. Rapid business growth that benefits low-income earners is a myth.

A big reduction in the corporate tax rate will not create a situation where businesses will pay more to their workers. Cutting the corporate rate to 20 percent from 35 percent, while getting rid of the corporate alternative minimum tax, would cost nearly $2 trillion over 10 years. Be a fiscal conservative on this. This stuff does not accelerate economic growth that benefits low- and middle-income citizens. Companies will make long-term investment plans if you give them certainty. Growth is occurring. America does not need rapid economic growth to pay for  tax cuts.

Business profits earned abroad need to be taxed by the United States.

Do not eliminate the deductibility of corporate interest in exchange for allowing companies to immediately write-off equipment expenses.

The American economy is growing. Focus on lower- and middle-income earners. Do not adopt Reagan-type tax policies that failed.

Don Hossler

Middletown


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