Interesting letters from Elizabeth Bargsten and Carol Sumner regarding the new tax law. Unfortunately, the information provided is not accurate. Ms. Sumner didn't specify, so I assumed she was looking at single people taking the standard deduction, and checked two online tax calculators (CALCXML and CNN) for the real figures.
She told us such a person earning $25,000 would only see a $60 tax cut. Actually, the 2018 tax will be $1,370 versus $1,724 in 2017 - a $354 savings, or 20.5 percent (a far cry from the 0.2 percent she reported). Likewise, at $86,000 income, the 2018 tax comes to $12,220, a $2,419 savings, which is 16.5 percent lower, not 1 percent as she stated.
And that filthy, foul, disgusting rich person earning $733,000? He'll pay $237,257 in federal income tax next year, 4.5 percent less than this year. Since that comes to 32.4 percent of every penny he earned, and the government will take 37 cents of every extra dollar he earns, I don't really follow how this tax package is "singing to the wealthy."
Ms. Bargsten told us the tax cuts are "paltry." How is "paltry" being defined? If you were offered a 16 to 20 percent reduction in your house payment, car payment, student loan payment, grocery bill, or Obamacare premium, would you consider that paltry? Me, I'd call it very significant. and I'd take it every time.
She also reminds us the individual tax cuts (including for our hero at $733,000) are but temporary, and that's true. They only last for eight years, the same length of time Donald Trump might be your president. But eight years of lower taxes sure beats the zero years every single Democrat in Washington was willing to give you. Enjoy them while you can.
Corvallis (Dec. 25)