The Congressional Budget Office projects that the GOP tax cut plan would add $1.7 trillion to the deficit. So much for the GOP’s pledge of a balanced budget.
The biggest losers of this “cut” will be our grandkids who are going to have to pay dearly for this huge gift to the wealthy.
The biggest winners in the House tax bill are the heirs of the very richest Americans. Now 99.8 percent of estates would not be affected. The rich will save more than $150 billion over the next 10 years. A real coup.
Overall, President Donald Trump and his family could also save more than $1 billion in taxes, according to a NBC News analysis.
Never miss a local story.
Corporations will enjoy a tax rate cut from 35 percent to 20 percent, while already realizing great multi-year gains in their stock prices.
The losers would be the many who itemize their deductions — especially residents of states that typically vote Democratic. College students, who also tend to vote Democratic, would no longer be able to deduct student loan interest.
This “fair,” “working class” tax bill is really the rich waging war on the Democrats and our grandkids.
Also, the provision eliminating the deduction for mortgage interest on second homes would hit many Hilton Head home owners, and could lower all our homes’ resale values.
Hilton Head Island
How to submit a letter
Send letters to the editor by email to firstname.lastname@example.org or email@example.com.
Or you may submit a letter online.
Letters to the editor must be 250 words or fewer and include your first and last names, street address and daytime telephone number so we can verify the letter before publication.
You are limited to one letter per 30 days.
Letters may be edited for length, style, grammar, taste and libel. All letters submitted become the property of The Island Packet and The Beaufort Gazette.
Letters will be accepted only if they are typed into the body of an email, not sent as an email attachment.