Rebooting the US Tax Code: The Winners and Losers
President Trump’s proposed tax plan would be disastrous for most hardworking, middle-class people in New York and New Jersey (“Taxes Chainsaw Massacre,” April 27).
Take it from a Republican and Trump supporter who happens to be a certified financial planner: Eliminating the state, local and real-estate taxes as a federal deduction will crush millions of people who work hard for a living and reward those who do not.
Also, the elimination of these deductions all but removes the tax incentives for owning a home, as very few middle-class Americans deduct more than the $24,000 in mortgage interest alone. Matthew Nugent Staten Island
I suggest that Trump include one of the mainstays of President Ronald Reagan’s monumental Tax Reform Act of 1986: Namely, taxing capital gains and dividends at the same rates as other ordinary income-like wages. The additional tax revenue could subsidize lower corporate or individual taxes.
Our nation cannot afford massive tax reductions that increase our national debt. Increases in economic activity from tax reductions are unlikely to generate enough offsetting tax revenues, and it’s unfair to average Americans for wealthy individuals who receive primarily dividend and capital-gains income to pay taxes at lower rates. David Nelson Houston, Texas
Trump’s tax plan is bold and exciting. It will undoubtedly lead to economic growth and more jobs.
Of course, we’re going to hear the usual cries from the left about tax breaks for billionaires and the exploding deficit. But keep in mind, Obama’s policies led to doubling our debt to $20 trillion and the greatest increase in income inequity in our country’s history. Democrats should sit in the corner and keep quiet. Rich Codey Staten Island
I am not surprised that Trump’s tax plan removes the deductions for local and state income taxes.
After all, he acknowledged that he avoided federal income taxes for years and openly boasts about how his properties, like Trump Tower, enjoy decade-long property-tax abatements.
Mainly the little people will receive the short end of the stick with the loss of these deductions. Dennis Middlebrooks Brooklyn
All this panic over Trump’s tax plan is hyperbolic. Requirements and rules are part of any tax plan. Every tax plan has its breaks and rewards.
Any economist knows it’s hard to predict what people will do with their money. No one has a clue to what people will buy or not buy. The mar- ket is prepared for that.
Americans should give Trump’s plan a shot. Contrary to the hysterical rhetoric of Democrats, it might work. It’s a legitimate plan. Steven Wolosker Manhattan
Taxing money paid to one government entity (state and local income taxes and property taxes) to benefit another government entity (the feds) is immoral.
Mortgage interest and charity deductions should be ended before taxing what has already been confiscated. Tom Messer Palm Beach, Fla.
Trump sent his two economic experts, Treasury Secretary Steven Mnuchin and Chief Economic Adviser Gary Cohn to discuss the details of his tax plan with the press.
Those who have spent time in corporate environments know that an executive who feels confident in his ability to lead allows those under them to speak on vital issues. Elaine Jancourtz Plainsboro, NJ
The Trump administration has proposed sweeping tax cuts, which will result in a massive increase in income to the federal government.
History has shown that decreasing the tax rate will increase revenue. President John F. Kennedy did it in the 1960s, and President Ronald Reagan did it again in the 1980s.
Democrats who oppose the new plan either don’t understand economics or refuse to learn from history. Jack Kaufman Long Beach