Paul Ryan's tax reform framework

I just received an email from Speaker Paul Ryan introducing the "framework" for tax reform.

Before delving into the specifics I want to mention my disappointment in how Ryan presented itemized deductions. He remains a victim to the 'soak the rich' mentality when he mentioned the "wealthy", sucked into the class warfare demagoguery Democrats successfully peddled since the 1930s!

Ryan did this when addressing itemized deductions, citing eliminating loopholes, as "itemized deductions that are primarily used by the wealthy". 

Such 'soak the rich' rhetoric may sell in politics but it denigrates those who earned what they have! 

Ryan is smart enough to know these "loopholes" benefit all tax filers, no matter their income, that choose to itemize when they file. They are not exclusively for the wealthy because there is no means testing required to take them!

What Ryan neglected to mention, the loopholes include property taxes, medical expenses and state and local income taxes, all deductions income earners depend on, wealthy or otherwise.  Selectively mentioning one group of taxpayers 'benefiting' is disingenuous at best.

Nor, will doubling the standard deduction while eliminating important exemptions really benefit all income earners. This is an unknown due to the complexity of the tax codes, including the ones in high tax states such as California or New York.

The specifics do sound appealing, going from seven brackets, 10%, 15%, 25%, 28%, 33%, 35% and 39.6% to three, 12%, 25% and 35%.

But, aside from being a positive step let me remind you we are still not back to the two brackets of 15% and 28%, the result of the Reagan tax reform of 1986. We also need to remember over the years the number of brackets increased and highest rate rose to 39.6% from 28%.

No matter how this framework is being sold, the American taxpayers are not being given anything more than was taken away the past three decades.

And, when you consider the higher rates brought in record revenue we need to ask why does Washington continue to spend 25% more that it receives each year and has a national debt larger than our entire economy.

Whether we agree or not what is bring proposed, we need to ask how will tax reform address the problems we currently have. No one in Washington can answer this question.

Appreciate your feedback.....

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