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Letter: What will the ‘Tax Cuts and Jobs Act’ cost taxpayers?
There has been a lot of talk this week about the “Tax Cuts and Jobs Act” bill that the Senate rushed to pass this week before anyone could really figure out what it would do to them.

By now, a lot of people have figured out that at least in the long run, they will not get a tax cut and in many cases, will get a tax increase. Also, any thinking person will not believe that as a result of this bill, American companies will suddenly stop sheltering their income from U.S. taxes in foreign countries and bring it all back in order to give their employees raises as President Trump wants us to believe.

However, the biggest problem with this bill is the huge impact it will have on increasing the deficit. This is now estimated to be about $1.4 trillion over the next decade.

There are about 122 million taxpayers. So that means that for the average person, your deficit payback bill from Congress is going to be: $11,475.41.

So, compare that to the unlikely possibility that this bill is going to somehow cut your taxes and raise your salary to make up for this cost. As soon as you do the quick math and determine just how bad this is for you and your family’s finances, call your representative’s office at 202-224-3121 and tell them that you oppose this deficit-busting bill.

J. Mike Lane

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