Quantcast
Tax bill is not really so taxing • Brooklyn Paper

Tax bill is not really so taxing

To the editor,

The Tax Cut and Jobs Act of 2017 focuses on the economy and on jobs by giving corporations tax breaks that allow them to expand and hire. Coupled with other legislation that severely curtails nonsense regulations, the Act will improve the economy.

The Trump tax package is the largest tax reform since the IRS Code of 1986. President Trump cut the corporate tax from 35 to 21 percent, which is expected to create more jobs and increase wages. Additionally, he reduced the number of tax levels and lowered the tax for every level, increased the child tax credit from $1,000 to $2,000 and increased the standard deduction.

Common sense will dictate that the rich must not be assessed an unreasonably high tax.

The rich are the ones who invest in America, while the middle class shirttails and takes advantage of the rich’s investments through various venues.

Those who complain that the rich get tax breaks do not realize that the rich will not invest if their investment will not produce a reasonable profit; we’ve already experienced as much during the Obama years.

If you were rich and the government unduly increased your taxes, then why would you invest when much of your profits will be heavily taxed, with losing your investment always a possibility? High risk investing must produce reciprocally high yields. Remember that while the middle class must work, the rich do not. Bill Clinton attempted to overtax the rich, but when Trent Lott and Newt Gingrich brought out the obvious, Clinton scrapped his misguided idea.

Letters to the Editor-writers Gerard D. Miller of Brownsville and James Cunningham of Staten Island are frantic about the legislation without providing details of how it affects the working class adversely. They also claim that the legislation favors the rich, yet the tax bill for wealthy estates will increase from $5.6 million to $11.2 million.

General comments may be acceptable in school essays, but not in the real world. What do these terms mean? “Everything we know about this bill … drastic changes … unfair … forced through … ignore the working class … educate the people…” and on and on. Any specifics? If you’re not educated about the bill, then how can you be against it (or for it)? Have you been listening to the usual suspects?

The “unilateral” action on the part of the Republicans is not that uncommon. Did you forget that the massive welfare bill — a.k.a. ObamaCare — was passed without one Republican vote and without one Democrat having read the bill (as attested by John Conyers) — and who can forget Nancy Pelosi’s brilliant statement, “We have to pass the bill before you can see what’s in it?”

The truth of the matter is that Mr. Trump’s tax package will benefit the country (and most individuals) — and yes, also the rich. The Urban-Brookings Tax Policy Center estimates that most Americans with an income under $150,000 would benefit immediately with diminishing returns for the next 10 years. Remember that the legislation is designed to jump-start our economy after an almost-stagnant economy under Obama.

Gentlemen, you should worry about Gov. Cuomo and the New York State Legislature preparing a state tax plan that will take away many of the Trump cuts by making New Yorkers pay higher state taxes, possibly fueling a mass departure of high earners from New York. Tom Golisano changed his residence to Florida and saved $13,000 per day in New York state taxes.

If you really want the middle class tax burden to be minimized, don’t vote for crooks. New York state proudly sports the titles of “Most Corrupt State” and “Tax Capital of America” — and you have problems with the Trump tax package?

Elio Valenti

Brooklyn

. . .

To the editor,

The Donald made true his promise of tax cuts, and while a majority of people are celebrating, there are too many dour left-wingers heralding the dark clouds through the silver lining. The moment his pen touched the paper at the signing ceremony, billions of pent up dollars, due to the old and exorbitant tax structure, were released to us, the common workers, all over this country. And what are the people going to do with all that money? Probably save a few bucks for a rainy day, though the bulk will go right back into the American economy, inaugurating a positive cycle of growth not seen since the 1980s.

I am sure there will be many in the upper classes complaining that their taxes will rise due to burdensome state and local taxes imposed over the years, but who is to blame? Look in the mirror but be careful of the glass shards as it cracks. The people blindly elect spendthrift Democrats and some Republicans in certain areas, year after year, and all they seem to do is claim that politicians know what to do best with your money.

Maybe this new tax bill will bring the localities back to their senses and the public will see how they have been snookered, and for how long. This should, if they themselves come to their own senses, present a perfect opportunity for the public to really get involved in the way their local taxes, including property taxes, are calculated, imposed and spent. The ball is now in our court! Being a retiree, I guess I’ll come through with a cut of a few dollars and that money will be gratefully accepted.

It is still amusing to see certain groups, howling in protest, when AT&T and other big national conglomerates announced they will be giving one thousand dollar bonuses to each of their 200,000-plus workers, along with substantial raises to boot. I guess these individuals are truly jealous they may not see an immediate benefit. Just wait!

Robert W. Lobenstein

Marine Park

Scandals march on

To the editor,

Just another day at the office and once again a scandal in Albany with a Democratic turncoat who’s been accused of sexual misbehavior. While others have been fired in various fields, he claims it [the abuse] didn’t happen. Like in other cases, the women would not have been believed then. What makes things even worse, he and a small handful of Democrats vote time and time with the Republicans, making meaningful legislation a farce.

As more and more women are finally speaking up, the powers to be have no reason not to listen and take appropriate action. The only person who had the guts to apologize was Al Franken, senator from Minnesota.

John Snow

Brighton Beach

City, state should pay

To the editor,

Funding to solve the ongoing NYC Transit subway crisis is a four-way dance between riders who pay at the fare box, along with funding from City Hall, Albany and Washington.

Federal support for transportation has remained consistent and growing over past decades. When a crisis occurred, be it 9-11 in 2001 or Hurricane Sandy in 2012, Washington was there for us. Additional billions in assistance above and beyond yearly formula allocations from the Federal Transportation Administration was provided. In 2009, the American Recovery and Reinvestment Act provided billions more.

Most federal transportation grants require a 20 percent hard-cash local share. In most cases, the Federal Transportation sit Administration accepted toll credits instead of hard cash for the local share. This saved the Metropolitan Transportation Authority more than $1 billion in the previous 2010-2014 Five Year Capital Program. The same will be true with the 2015–2019 Five-Year Capital Program. Washington provided over $1.3 billion in 2017 Federal Transportation Administration formula funding for the MTA, which helps pay for its capital program. The same if not more federal funding will be coming in 2018.

Mayor Bill DeBlasio should come up with the balance of $2.5 billion the city still owes toward fully funding the $32 billion MTA 2015–2019 Five Year Capital Program, and provide several billion more. City Hall should match Albany dollar-for-dollar in any increased assistance. Gov. Cuomo should deliver the outstanding $5.8 billion balance toward his original $8.3 billion pledge plus his most recent new commitment of an additional $1 billion. The Metropolitan Transportation Authority can’t afford to wait for both DeBlasio and Cuomo to make good on their respective promised financial commitments. Neither can transit riders and taxpayers who are looking for accountability, efficient and timely completion for both capital projects and routine maintenance to assure more reliable and safe on-time service.Larry Penner

Great Neck

More from Around New York