LETTER: Average Joe will benefit from GOP tax bill
In his Saturday letter, Darryl Cornelius passes on a claim originated by the left-wing Center for Budget Policy that the proposed GOP tax bill includes more total tax cuts for people earning more than $1 million than for those earning under $100,000. This isn’t true.
The proposed GOP tax bill includes the following cuts for the working and middle classes: No tax on tips, no tax on overtime, a tax deduction for auto loan interest up to $10,000, an increase in the child tax credit and additional deductions for seniors intended to mitigate taxes on Social Security. None of these tax breaks will significantly benefit people making more than $1 million per year.
All other tax rates remain the same. Current federal income tax rates are maintained by making the 2017 cuts permanent. This is not a tax cut, unless you are stupid enough to believe that not raising taxes is the same as cutting taxes. If that is your standard, consider that Joe Biden did not double taxes on the rich while in office. Therefore he can be blamed for cutting taxes for the rich in half.
