To the Editor:
I wish someone would explain how reducing the corporate tax and keeping the loopholes are being paid for instead of defending them. The fact is the middle class workers will be paying for it. Several significant tax benefits are being eliminated. Most middle class workers have a mortgage and a lot pay state and local taxes which are now allowed on their schedule A, along with excessive medical bills, and charity deductions. Most people will now be forced to take the standard deduction of $24,000 because the only deduction left in tact is the charity donation.
The property deduction is capped at $10,000, so unless your charity donations exceed $14,000 you are stuck with the standard deduction. The senate wants to keep the medical deduction, the house wants it gone. Also the student loan interest credit is gone.
Another concern is that the deficit is still going to explode.
Patricia Minots
Village of Palo Alto
