After a review of available information on the tax reform legislation, I am compelled to plead with Rep. Elise Stefanik not to vote for this damaging legislation. The removal of state and local tax deductions, family tax credit for children, ending of medical tax deductions and the repeal of tax credits for rare diseases will have a significant impact for all of New York, but most significantly the middle class. This on top of the chaotic dismantling of the Affordable Care Act (which she supported) and associated additional expense for basic insurance, medical treatment and the long-term expense of uninsured citizens relying on state and local social services providing expensive emergency medical care are all the burden of middle-class taxpayers.
At the same time, the wealthiest .2 percent will benefit, and will enjoy relief via the estate tax, capital gains relief and private school tax breaks. These provisions, along with the proposed corporate tax rate reductions, reductions in regulatory oversight and enforcement of existing statutes provide a windfall for the wealthiest people in the world. This windfall benefits (in billions of dollars) many of the people recently disclosed in "Paradise Papers," including European, Chinese, Russian and Arabian billionaire oligarchs. It also includes at least seven members of President Trump’s inner circle of advisers, some of whom have evaded paying United States taxes for many years through global offshore shelters. History tells us these people do not create middle-class jobs or pay taxes in America.
The projected CBO $1.7 trillion deficit estimate reflects only a portion of the burden that will be placed on the future of middle-class Americans. Do not vote for this tax reform legislation.
Joe Finan, Greenwich