Your letters - May 4 edition
Call your legislator about annual tax conference
It's tax time at the Capitol. No, I'm not referring to the state and federal tax forms we were required to submit mid-April. I'm talking about the legislature's annual tax conference committee and why it's important for residents of rural Minnesota to call or email their local legislators on a topic that will have a direct impact on our quality of life.
The tax bill contains many provisions, including tax reductions for senior citizens, farmers, small business owners and college students. But in its current form, the bill doesn't contain a much-needed formula change for county program aid. These are the critical dollars our counties need to provide public safety, human services, transportation, and other vital programs on the state's behalf.
Call or email your legislators. (Find your legislators at this link: www.gis.leg.mn/iMaps/districts/) Tell them county program aid is critical to preserve our rural way of life, and ask them to support the formula change that will keep our rural counties strong.
Chair, Big Stone County Board of Commissioners,
Distribution of tax cuts under the Trump tax plan
This information comes from Forbes. Tony Nitti a contributor wrote the article. The article is based upon information from the nonpartisan Tax Policy Center (TPC). According to the Tax Policy Center (TPC) the richest one percent will enjoy 47 percent of the Trump tax cuts. Do the ultra rich really need to receive 47 percent of the tax cuts?
Following is a more complete presentation of the distribution of the tax cuts under the Trump tax plan.
• People with an income level between $0 and $24,800 will get 1.1 percent of the tax cuts.
• People with income level between $24,800 and $48,400 will get 3 percent of the tax cuts.
• People with income level between $$48,400 and $83,000 will get 6.6 percent of the tax cuts.
• People with income level between $83,000 and $143,000 will get 11.3 percent of the tax cuts.
• People with income level between $143,000 and infinity will get 77.7 percent of the tax cuts.
According to the nonpartisan Tax Policy Center the Trump plan would result in total tax cuts of $6.2 trillion over the next ten years. If these tax cuts are not paid for, they will explode the national debt. Thus, we have to think about which spending programs we could cut to come up with $6.2 trillion dollars.
Social security accounts for roughly 25 percent of all federal spending. Should we cut social security to pay for this tax cut that mostly benefits the rich?
Federal healthcare programs such as Medicare, Medicaid and Obamacare subsidies currently consume roughly 28 percent of the federal budget. Should we cut these programs to pay for this tax cut?
Other income security programs - veteran's benefits, unemployment compensation, food and housing assistance, federal employee retirement and disability - account for roughly 18 percent of the budget. Should we cut these programs to pay for this tax cut? We have now accounted for approximately 71 percent of all federal spending.
Defense spending consumes roughly 16 percent of the federal budget. Currently, six percent of the federal budget is spent on interest on the federal debt. We are now up to approximately 93 percent of federal spending.