Tax bill will do harm
I oppose the unfair and immoral Tax Cuts and Jobs Act built, as it is, on lies. The truth: Corporations expand their businesses and hire workers based on increased demand, not tax cuts; they increase employee wages only when there’s a shortage of workers; on average, corporations already pay less than 20 percent in taxes due to loopholes, so reduce the rate to 20 percent and they may pay close to nothing. Also, tax cuts have never paid for themselves, and trickle-down economics has never worked.
When I calculated my 2016 tax using the TCAJA postcard, my taxes increased by $968, up 26 percent. If the property tax deduction is eliminated, they’re up $1,335 or 36 percent. After the individual tax cuts are repealed in five years, they’re up $2,732 or 74 percent. I fear for people with medical problems like my friend who pays over $10,000 per year, out-of-pocket, for medications, a victim of predatory pharmaceutical monopolies facilitated by Congress.
TCAJA also triggers $25 billion in cuts to Medicare in the form of premium increases and cuts to providers. How much cutting before providers refuse Medicare patients altogether?
Unlike Congress, I can’t add my tax and health insurance premium hikes to some deficit account. On a fixed income, I must counter this tax hike by reducing expenses like:
Supporting the local economy. Once a month I get together with groups of friends at six favorite independent restaurants.
Purchasing books at an independent bookstore.
Attending a senior program at a local college, and my basic gym membership.
Political contributions. Why support those who don’t support me?
Lastly, break my tithe; eliminate charitable giving.
Perhaps some billionaire will step up and take my place in the local economy? How bizarre that the middle class gets tax hikes so billionaires can get tax cuts; the central hypocrisy of taking money from those who rely on it and gifting it to people who don’t need it at all; eliminating estate tax on 0.2 percent of families because it’s “double taxation,” while taxing the multitudes on their state and local sales, income, and property taxes; and perpetuating wealth for families of idle rich while castigating the millions who are poor because they “must not be working hard enough.”
I have been researching retirement communities – costs are $40,000 a year and up. Now there’s chatter about a taxpayer revolt. With people’s lives imploding due to this unconscionable tax bill, a federal penitentiary seems a practical alternative – three hots and a cot, library, gym, and free healthcare, all at federal expense?
As for taxes, the TCAJA website shows examples – the single mother, the family of four, but not seniors. In general, middle-class seniors like me will be harmed by this bill.