Letter: A fuller picture on taxes

Monday, September 11, 2017
A fuller picture on taxes

With all due respect to Bill Bunker regarding his Aug. 28 letter titled “Cut to the facts”: Let’s cut to the “full” facts.

The Kennedy administration cut individual federal income taxes from 91 percent to 70 percent for the highest income bracket.

The Reagan administration cut individual federal income taxes from 70 percent to 50 percent. Deficit spending ballooned and remained until the Clinton administration balanced the federal budget. President Reagan did raise Social Security taxes, which are not paid for by “the rich.” These are paid by workers and their employers with a cap of $127,000 for 2017.

The George W. Bush administration lowered individual federal income taxes from 50 percent to 35 percent. Although there is still no “tax plan” whatsoever, President Trump touts lowering individual federal income taxes even more.

I do agree corporate income taxes should be lowered. President Obama also called on Congress to lower corporate income tax rates in at least two State of the Union speeches.

Bunker stated that “any suggestion of slowing down social spending and education expanded salaries is misrepresented by progressives as cuts.” Hedge fund managers enjoy a 20 percent capital gains rate on their income. Your average teacher pays a 25 percent (give or take) individual federal income tax rate.

I do agree we need tax reform and simpler system, which does not require CPAs and tax attorneys to guide taxpayers thru the maze. There are few Republicans I trust with tax reform/simplification. President Trump and Sen. Mitch McConnell are not among them. Congressman Paul Ryan is questionable.