To the Editor:
From the Trump one-page tax plan, it looks like some typical families would pay less tax, while others would end up paying more.
The details are not clear, probably because nobody cared about that.
Meanwhile, the massive tax cuts for the wealthy are quite clear.
Cutting the top bracket from 39.6 percent to 35 percent doesnt seem like much, but it would save millions for some very high-income taxpayers.
And for much bigger savings, by taxing the income of corporations and other businesses at 15 percent, it would probably enable many high-income individuals to structure their affairs to move much of their income into that 15-percent bracket.
The plan would also end the additional 3.8 percent Medicare tax on net investment income of higher-income individuals. And it would end the alternative minimum tax, which was designed primarily to stop high-income taxpayers from avoiding income taxes. Moreover, it would end the federal estate tax, which generally applies only to taxable estates currently exceeding $5.49 million per deceased individual.
What seems most surprising is that so many of Trumps middle- and lower-income supporters still think he's looking out for them.
David J. Roberts
Associate Professor of Accountancy