You still don’t believe Republican tax plan sticks it to the average American? Look at the details. The Republican plan raises the tax rate for our poorest people from 10 percent to 12 percent. It abolishes the medical expense deduction for nine million Americans so it can end the inheritance tax on about 4,500 of the wealthiest people who die each year.
Our 8th District Rep. Jason Smith touts how the inheritance tax hurts farm families. But according to the Center on Budget Priorities and Policies only 50 small farm and small business estates in the entire country will pay any estate tax in 2017. The deduction for tax preparation fees, used by 20 million of us is gone, so the Republicans can eliminate the Alternative Minimum Tax for 3.9 million people who make over $200,000 per year. The student loan interest deduction for 12 million students who had to borrow to pay for their education is gone. If another flood, or a tornado hits our area, forget about deducting your loss thanks to Trump and Jason Smith.
If you adopt a child the deduction for expenses is gone. Same for teachers who buy supplies for your classroom. Also gone, deductions for moving expenses and alimony. The Republican tax plan supported by Jason Smith will reduce taxes $1.5 trillion over 10 years. But get this! By the 10th year the Tax Policy Center projects nearly 80 percent of the savings will go to the top 1 percent.
To pay for the tax cuts, Smith and Trump want to slash spending. The Republican budget approved by Jason Smith guts the safety net for 99 percent of us. Forbes magazine notes the Republican budget cuts $1 trillion from Medicaid and nearly a half trillion dollars from Medicare over 10 years. Forget about an early retirement! Texas County and the Ozarks are a poor area. With the Republican plan our nation faces $150 billion in cuts to the nation’s largest anti-hunger program, SNAP. More than $90 billion is cut for education and social services programs, including deep cuts to student aid. And roughly $500 billion is gone for other low-income support programs. If this isn’t what you thought the tax cuts were about, you might want to call your senators and representatives and tell them no tax cuts for the wealthy. They plan to vote before Thanksgiving and give their wealthy campaign donors an early Christmas present.
EARL FULLER, WILLOW SPRINGS