On December 21, 2017 (sorry for the late response but this one was hiding in my pile of homework) a “guest” columnist wrote as George W. Bush was overheard saying at Trump’s inauguration, “some really weird ****”. It was basically a rehash of a letter Walden sent to the district (at tax payer expense) quoting all the benefits Oregon’s middle class was going to get from the tax bill. The guest writes “the biggest percentage of tax reductions go to those earning between $20,000 and $50,000”. Let me give you q quick lesson in tax calculation. As 98% of people in this bracket file using the standard deduction we will use that and we will assume they are the average married couple with two kids. And I rounded the tax tables to nearest thousand for simplicity.
Old Tax Calculation: $50,000 minus $12,700 standard deduction, minus $16,200 personal exemption = AGI of $21,100. Taxed at 10% on first 19,000 = $1900. Taxed on remaining $2100 at 15% = $315. Total tax due = $2215.
New Tax Calculation: $50,000 minus $24,000 standard deduction = AGI of $26,000. (Did somebody forget to tell you they did away with the “personal exemption for you and the kids” OOOPS!!! Taxed on first $19,000 @ 10% = $1900. Taxed on remaining $7,000 at 12% = $840. Total tax due = $2,740
Now if you have no kids, which of course the average American family does not (sarcasm intended) you get a tax reduction. But if you happen to have little Jimmy and Janie, you just lost money. Of course the example the GOP is selling and unfortunately their base is buying is exactly that. A no kid family example.
By the way, the corporate tax rate was reduced from 39% to 21% AND THEY DID NOT LOSE ANY DEDUCTIONS.
Then this weirdo guest columnist goes on to quote a family of four making $78,000 gets a 58% reduction. If this is what happens to the math ability of people when we legalize pot, I am going to rethink my support of it.
Then Mr. Guest Columnist quotes Walden directly “for those who choose to itemize their taxes, I worked with my colleagues to maintain provisions important to Oregonians such as preserving the ability to deduct medical expenses, and a combination of property and state taxes up to $10,000.” Please somebody tell this bat poop guest columnist there WAS NO LIMITATION ON PROPERTY AND STATE TAX DEDUCTIONS BEFORE THIS SCREW JOB. (I apologize for the use of bat poop).
Look I live in Bend and I do get my Bulletin every day because the NY Times won’t deliver to where I live and the Bulletin will. And I am a newspaper junky. The cool thing is the Bulletin reprints articles from both the NY Times and the Washington Post almost daily. The point is, this is not MIT level physics. If the Bulletin is going to reprint this garbage (and with the young right wing editor they are going to do this), they can at least do a little basic math checking first.
Would they print something from a nut job that claims the earth is flat?? Walden is nothing but a mouthpiece for the GOP who sold his soul and his district out a long time ago. The majority of Americans, with the average income of $59,000 will see about $300 more take home annually. Ah not so for people in the top brackets, particularly those whose income is based on Proprietorships or S Partnerships (which is what Trumps entire personal income excluding the presidential salary is based upon).
You know I came to hate the term “repeal and replace” but that is exactly what we are going to do with this horrible tax bill when I get to DC and Democrats take back the House, Senate, and White House.
A Fighter For the 2nd District AND rural America