Summit Daily letters: The road to cutting taxes
The road to cutting taxes
The recent passage of the federal budget, and the release of a federal tax reform bill are more than just the latest important steps on the road to tax cuts. They offer communities across the country hope that they will finally be touched by the economic recovery that has been largely confined to the nation’s big cities.
Over half of the job growth during the economic recovery has come in just 2 percent of the nation’s counties. In other words, while Wall Street and K Street have prospered, it’s come at the expense of Main Street.
Proposed tax cuts would right this imbalance by keeping more money in communities where it is needed and less in Washington, D.C., where it is not. (The four richest counties in the country are all located in metro D.C., largely due to the influx of our tax dollars.)
Tax reform would double the income threshold under which families pay no tax at all to $24,000 while expanding the child tax deduction. It would dramatically reduce the small business tax burden, allowing local job creators to better compete with their big business and international counterparts.
More money in people’s pockets and in our communities can cure much of what ails this country.
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