Better Than The Tax Code We Have
To The Reader’s Forum:
The opposition to cutting taxes has been strong setting off some to go into freak-out mode. Rosie O’ Donnell tweeted that the tax cut package will “kill people.” Nancy Pelosi calls it “grand theft.” Isn’t it ironic that progressive politicians who “legally steal” the money in the first place call it “grand theft” when it’s given back to the people who earned it? And we wonder why Washington DC is corrupt? If “grand theft” wasn’t bad enough, Pelosi also absurdly called the tax cuts, “Armageddon” and “the end of the world.” Pardon my indulgence into the phobia-labeling lingo of liberals, but don’t Nancy and Rosie sound “Trumpophobic?”
Resisting the urge to poke fun at the plethora of kook-a-doodle reactions, like Nancy’s and Rosie’s, I’ll simply explain why I have mixed feeling about the tax cut package. On the upside, it cuts taxes, brings down tax rates, simplifies the tax code, gets rid of some loopholes, and makes America more competitive economically. On the downside, the rate improvements are not flat enough, the middle class tax cuts are not permanent, some loopholes stick around and the “weaponized” IRS remains regrettably intact. Still, it grades out much than the current progressive system, which is nothing but a rank leftover plank in the Communist Manifesto. Furthermore, I do not resent the corporate tax rate being reduced to a level more equal to and competitive with socialist nations around the world.
Thankfully the SALT (State and Local Tax) deduction has been capped at 10k, thus limiting what taxpayers in tax-and-spend progressive states can deduct on their federal taxes. It was fair-minded to cut way back on SALT, as fiscally responsible conservative states with no income tax weren’t privy to the same preferential treatment. With little SALT left to offset heavy state taxation, above average income earners in progressive states especially, like New York, will see their federal taxes head higher. Governor Cuomo hated to see SALT reduced, because the special write-off in the federal code absorbed the pain of high taxes in NY. That’s why he intends to sue the federal government.
After wasting millions of our state tax dollars nationwide to attract businesses to NY only to see a further exodus of 190,000 from the state last year, Cuomo can’t rely on SALT anymore to drug the nagging pain of progressive taxation pounding taxpayers of New York. Feeling that harsh sting in the wallet without SALT, it may even make progressives cry for TEA.
The Rev. Mel McGinnis