To the Editor:
The U.S. House of Representatives recently passed the Tax Cuts and Jobs Act along partisan lines. The benign-sounding title of this bill belies the fact that it will increase federal income taxes for millions of middle-income individuals and families, according to the Tax Policy Center.
This legislation primarily benefits corporations and wealthy individuals while adding $1.5 trillion to our federal debt. Among those most adversely affected are many of us living in Illinois’ 6th Congressional District. As a personal example, this bill will increase my income taxes by several thousand dollars because of the elimination of the state income tax deduction, limitations on the property tax deduction and elimination of personal exemptions. Our Congressman, Rep. Peter Roskam, who had an influential role in passage of the legislation, would have us believe differently. He contends that his constituents will see large tax cuts, tens of thousands of new jobs and increased incomes. These claims are based on questionable analysis prepared by the Koch funded Tax Foundation, which uses a supply side (i.e., trickle down) macroeconomic model that does not hold up in reality. A compelling real world test laboratory for the supply side theory has been the state of Kansas – a fiscal disaster. Although the legislation will benefit some, it will be damaging to many including those with student debt and large medical expenses. Sadly, an unintended consequence is likely to be a reduction in donations to charities because of the act’s new standard deduction.
Robert Loren Teiken