Trump tax cut not a boon for the rich

A recent letter stated that President Trump’s tax proposals will benefit the wealthy more than the middle class.

But while the wealthy would have the highest federal tax rate cut from 39.6 percent to 35 percent, they would also be subject to the following cuts:

▪  They would no longer be able to deduct any medical expenses, which include medical insurance premiums and long-term-care insurance premiums. While not a big deal for them, it is still a deduction they would no longer able to claim.

▪  They would no longer be able to deduct property taxes, which is a big deal for the wealthy who have huge homes in very expensive locales. It would be interesting to know how much Trump pays.

▪  And the biggest one they would lose is not being able to deduct state, county and municipal income taxes. I doubt that those in New York and California, or big cities the wealthy tend to call home, would like this.

So far, no one on the left has offered any examples of how the wealthy will actually benefit. Since the media is not raising this question, I am.

Wealthy people have always created more jobs with tax savings. Our economic history proves they develop and expand companies and America’s economy prospers when the tax burden is reduced.

This story was originally published May 24, 2017 at 7:59 AM with the headline "Trump tax cut not a boon for the rich."