Wednesday November 1, 2017
In "Now is the time to enact long-awaited tax reform" (Reading Eagle, Oct. 26), Gene Barr endorses the proposed tax plan of President Donald Trump and congressional Republicans. But for working-class people this isn't reform; it is another tax reduction for the very rich. It includes a reduction in the top tax bracket while the lowest tax bracket goes up. It includes a significant reduction in corporate taxes, the bulk of which enriches the wealthy. (Think how well the stock market is doing even under current tax law.) It includes elimination of the estate tax, a move that benefits only the wealthy.
The Republicans haven't yet released details of their plan, but using the best information available so far, the Urban-Brookings Tax Policy Center predicts the legislation will produce an after-tax increase of 10.2 percent for the upper 0.1 percent of the population and a 1.2 percent increase for working-class people. Minimum-wage workers would lose money. Republicans are willing to please lobbies such as the Chamber of Commerce because they think the general public doesn't understand that working people are being hurt.
We need true tax reform. But the current proposals will take us in the wrong direction.
James D. Boyer
Tax proposal benefits wealthiest Americans