I hope others will join me in urging Sens. Susan Collins and Angus King to vote against the Senate tax bill proposal. Congress has abandoned its original goal of revenue neutral tax reform. Instead it has written bills that give away now, with no thought for the welfare of future generations.
It is a fact that the bulk of the tax cuts (75 percent) go to corporations and the very rich. The very modest tax cuts for the middle class are temporary (expire in 2025).
According to non-partisan economic analysis, the claim that tax cuts will stimulate the economy enough to pay for themselves at a future time is false. A tax cut of $10 will be only partially offset by about $5 in new revenue.
It must be noted that the Senate version of the tax proposal will add $1.5 trillion to the national debt. There is no justification for deficit spending now, when unemployment rates are at record lows and the economy is growing steadily.
The proposal affects Mainers, who pay high state income tax and high property taxes. They will lose those deductions. They will also lose the $4,000 personal exemption and deductions for medical expenses and interest on student loans.
For many elderly and middle-class families, the higher standard deduction will not be enough to offset those losses.
It is time for Congress to go back to the drawing board.
Anne Williams, Lewiston
Send questions/comments to the editors.
