Letter: Questions on tax reform still not answered
By Dale Cuperus, Lakefield
The "tax reform" bill passed the United States Senate late Friday night. Now the legislation is moving to a conference committee to be reconciled with the House bill passed last month. President Trump wants this process completed and a final bill on his desk to be signed before Christmas.
Can anybody tell me how this legislation would affect the special tax carve-outs for the big winners in this bill, the large multi-national corporations? For example, will the petroleum companies who used their carve-outs to reduce their tax exposure from 35 percent to less than 12 percent now be paying 20 percent? Do their carve-outs go away with this legislation? How about the carve-outs for the real estate developers?
I still find most of my questions going unanswered when I go to news sources. The one thing most news sources tell me is this legislation will increase the national budget deficit quite considerably. Will an increase in the federal budget deficit require a cutback in federal funds for programs? Logic tells me it will, as sooner or later people will quit buying bonds to back the national debt. How will this affect my Minnesota income tax responsibility? How will this affect my local tax obligation? I realize somebody is going to have to take care of the destitute elderly, the disabled and the other unfortunate souls that are part of our community.
The GOP is selling this legislation as a tax cut for the middle class. My income says I am solidly middle class. I may be getting a tax cut on my federal income tax bill. I feel no joy or excitement in this development. The more the senators and representatives that are backing this legislation talk, the more I feel like I am being sold a lemon by a sleazy used car salesman.