‘TrumpTax’ great for rich, not the rest of us

You have seen “Trumpcare.” Now comes “TrumpTax.” It will eliminate the state tax deduction, raise taxes on taxable incomes less than $9,325, raise taxes on taxable incomes of $191,650 to $416,700.

Two other income ranges get no tax reduction. For those married filing jointly with two children, the standard deduction is reduced from $28,900 to $24,000. (Currently 70 percent of filers use the standard deduction.)

A married couple with an estate worth over $11 million will pay no estate taxes.

Taxable incomes over $418,400 will be taxed at 35 percent instead of 39.6 percent.

The Carried Interest loophole remains.

For Pass thru businesses, the corporate tax rate goes from 35 percent to 15 percent, and the income top rate from them is reduced from 39.6 percent to 15 percent.

The Alternative Minimum Tax is eliminated.

It is predicted “TrumpTax” would increase the deficit by $2.2 trillion. Funny how the Republican deficit hawks are only concerned when ordinary people get something, not them! The proposal states that the deficit won’t happen because the increased GDP will make up for it. Reputable economists, such as Thomas Piketty, have studied income inequality and determined that tax cuts like this have little to do with increasing GDP. Richard Metayer Mystic