Congressman should still oppose GOP tax bill

Dear Editor, U.S. Rep. John Faso, R-Kinderhook, should continue to oppose the GOP tax bill.

The details cannot please everyone, but I hope my congressman will be guided by the following five principles:

• Simplification is revenue neutral. A tax cut is nice, but can we afford a revenue cut? See the next principle. Yay for individual tax cuts, but let’s pay for them up front. When the economy sluggishly growing, you don’t increase deficit spending by trillions of dollare to provide stimulus.

• Corporate rate cuts which are “permanent” while changes benefitting families are temporary, just plain stinks. It must be taken off the table.

• Eliminating deduction for local taxes is not fair. New York state is “high tax” for multiple reasons: waste, prison spending from past (ineffective) drug laws (now revised). Still, New York sends Washington more than we receive. Correct that imbalance before any changes to deductibility of local taxes.

• Corporate tax rate: I understand the effective rate is about 18 percent. Therefore, the reduction in statutory tax rate from 37 percent to 21 percent can and should be paid for by closing corporate tax loopholes.

• Tax laws to end shell corporations used to abuse tax havens (Apple in Ireland and Isle of Jersey) are needed. Other measures to “bring the money home” per President Trump, are good, too. Let’s be reasonable but not too generous when luring business. Corporations do not appear to have “loyalties,” and may move out again when it suits them. Matthew Burd New Paltz, N.Y.