The Republican Party has consistently stated that cutting taxes and reducing the national debt are high priorities.
We are now getting a clear picture of what the party of the rich really intends to accomplish now that they have the full power of our government. Republican tax plans make no mention of closing any loopholes that the rich have been using to become ever-more affluent and powerful.
What we are seeing instead is the elimination of tax Schedule A, Itemized Deductions. This has always been a middle-class benefit which helps young adults afford a home by offsetting the costs of mortgage interest, school, state and local taxes, unexpected high medical costs, and job and educational expenses. Not having this support available will kill the hope of homeownership for our middle-class children.
The children of the rich have their educations provided by their parents and already have the benefit of receiving up to $5 million of tax-free inheritance.
The GOP tax plans now propose to eliminate the tax on inheritance all together. Reducing corporate taxes only benefits the investors and the CEOs, COOs and CFOs that already are receiving ridiculous salaries and bonuses.
Further, how specifically are small, family-owned businesses being helped? The GOP tax plan is going to increase by over a trillion dollars the national debt, which already has reached critical proportions do to the cost of 16 years of GOP sanction wars.
Bill Smith
Mechanicville
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