After my last letter in regard to the realism of the tax cuts, someone pointed out to me that the average family income in Mason City was about $50,000 and my example started at $80,000.
So I have revised the income examples: Income at $50,000 and the tax savings is $708. Income at $100,000 and the tax savings is $2,538. Income at $200,000 and the savings is $6,242 or 2.5 times more than $100,000. Income at $400,000 and the tax savings is $43,972, seven times greater than at $200,000. Income of $1.6 million is 32 times the $50,000 income, but the tax cut savings on $1.6 million is $63,401, or 89 times as much.
The truth is in the numbers and not what Trump and the Republicans tell us! We were promised a "huge tax cut for the middle class," and it did not happen! Republicans looted the treasury and passed massive tax cuts for some of the wealthiest Americans and corporations in the world.
Now they are coming back in the name of "deficit reduction" predictably proposing major cuts to Medicaid, Medicare, Social Security, education and other valuable programs essential to the middle class. This is nothing less than a major transfer of wealth from the middle class to the wealthiest.
In a survey of 42 top economists by the University of Chicago's Booth School of Business, just one thought GOP tax cuts would improve growth. Both the Bureau of Labor Statistics and the Tax Policy Center show that for the past 60 years, whenever tax rates were the highest, more jobs were created than when tax rates were lowest.
Quickly on guns and massacres: We will never stop massacres and have sensible and effective gun control until we elect a democratic President and Congress, it's just that simple! Trump must go soon!
Steven Epperly, Mason City